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

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) $\begin{array}{|l|r|l|}\hline \text { Retained Earnings } & 3,360 & \\\hline \text { Common Dividends Payable } & & 3,360 \\\hline\end{array}$

B) $$\begin{array} { |l | r | r | } \hline \text { Common Dividends Payable } & 5,320 & \\\hline \text { Cash } & & 5,320 \\\hline\end{array}$$
C) $\begin{array}{|l|r|c|}\hline \text { Retained Earnings } & 5,320 & \\\hline \text { Common Dividends Payable } & & 5,320 \\\hline\end{array}$

D) $\begin{array}{|l|c|c|}\hline \text { Common Dividends Payable } & 3,360 & \\\hline \text { Cash } & & 3,360 \\\hline\end{array}$

E) $\begin{array}{|l|r|r|}\hline \text { Retained Earnings } & 7,000 & \\\hline \text { Common Dividends Payable } & & 7,000 \\\hline\end{array}$