Question: An entity declared a cash dividend on its common stock in December Year 1, payable in January Year 2. Retained earnings will -Increase on the

An entity declared a cash dividend on its common stock in December Year 1, payable in January Year 2. Retained earnings will

-Increase on the date of declaration.

-Not be affected on the date of declaration.

-Not be affected on the date of payment.

-Decrease on the date of payment.

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