On November 1, 2015, Oster Company Declared a Dividend of $3.00

On November 1, 2015, Oster Company declared a dividend of $3.00 per share. Oster Company has 20,000 shares of common stock outstanding and no preferred stock. The date of record is November 15, and the payment date is November 30, 2015. Which of the following is the journal entry needed on November 30?

A) Debit Retained Earnings $60,000 and credit Dividends Payable-Common $60,000.
B) Debit Dividends Payable-Common $60,000 and credit Cash $60,000.
C) Debit Cash $60,000 and credit Dividends Payable-Common $60,000.
D) Debit Retained Earnings $60,000 and credit Cash $60,000.