The Effect of the Declaration of a Cash Dividend by the Board

The effect of the declaration of a cash dividend by the board of directors is to $\begin{array} { l c c } &&& \text { Increase } &&&&&& \text { Decrease } \\\end{array}$
A) $\begin{array} { l c c } & \text { Stockholders' equity } && \text { Assets } \\\end{array}$
B) $\begin{array} { l c c } & \text { Assets } &&&&&&&& \text { Liabilities } \\\end{array}$
C) $\begin{array} { l c c } & \text { Liabilities } &&&&&& \text { Stockholders' equity } \\\end{array}$
D) $\begin{array} { l c c } & \text { Liabilities } &&&&&& \text { Assets }\end{array}$