Question: LMN Ltd declared an final dividend on 30th June 2020 of 5 cents per share and paid it on 10th July 2020. The company has

LMN Ltd declared an final dividend on 30th June 2020 of 5 cents per share and paid it on 10th July 2020. The company has 500,000 issued shares. The journal entry on 10th July 2020 would include:

a. CR to retained earnings $25,000

b. CR to cash $25,000

c. CR to dividends payable $25,000

d. DR to retained earnings $25,000

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