Assume Garrison Guitar Company Declared a $0 $\begin{array}{|c|c|c|}\hline \text { Retained Earnings } & 3,360 & \\\hline \text { Common Dividends Payable } & & 3,360 \\\hline\end{array}$

Assume Garrison Guitar Company declared a $0.28 per share cash dividend and that the company has 25,000 shares authorized, 19,000 shares issued, and 12,000 shares of common stock outstanding. The general journal entry to record the dividend declaration is:

A) $\begin{array}{|c|c|c|}\hline \text { Retained Earnings } & 3,360 & \\\hline \text { Common Dividends Payable } & & 3,360 \\\hline\end{array}$
B) $\begin{array}{|c|r|r|}\hline \text { Common Dividends Payable } & 5,320 & \\\hline \text { Cash } & & 5,320 \\\hline\end{array}$
C) $\begin{array}{|c|r|r|}\hline \text { Retained Earnings } & 5,320 & \\\hline \text { Common Dividends Payable } & & 5,320 \\\hline\end{array}$
D) $\begin{array}{|c|c|c|}\hline \text { Common Dividends Payable } & 3,360 & \\\hline \text { Cash } & & 3,360 \\\hline\end{array}$
E) $\begin{array}{|c|c|c|}\hline \text { Retained Earnings } & 7,000 & \\\hline \text { Common Dividends Payable } & & 7,000 \\\hline\end{array}$