On December 15,2019,the board of directors of Cross Corporation declared a cash dividend,payable on January 8,2020,of $0.80 per share on the 2,000,000 common shares outstanding.On December 15,2019,Cross Corporation should:

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When a corporation declares a dividend, it decreases retained earnings and increases liabilities (dividends payable) for the amount of the dividend. In this case, $0.80 per share on 2,000,000 shares equals $1.6 million.

On December 15,2019,the Board of Directors of Cross Corporation Declared