What effect will payment of the dividend on May 1 have on Garrison's financial statements?

Name: What effect will payment of the dividend on May 1 have on Garrison's financial statements?
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The payment of the dividend will result in a decrease in the company's cash balance on the balance sheet, and a corresponding decrease in retained earnings on the statement of retained earnings. There will be no effect on the income statement, as dividends are not an expense.

What Effect Will Payment of the Dividend on May 1