On December $15,2022,$ the board of directors of Cross Corporation declared a cash dividend,

payable on January $8,2023,$ of $$0\mathrm{.}84$ per share on the $2,000,000$ common shares

outstanding. On December $15,2022,$ Cross Corporation should:

Multiple Choice

decrease cash $$1\mathrm{.}68$ million and decrease retained earnings $$1\mathrm{.}68$

million.

decrease retained earnings $$1\mathrm{.}68$ million and increase expenses $$1\mathrm{.}68$

million.

decrease retained earnings $$1\mathrm{.}68$ million and increase liabilities by $$1\mathrm{.}68$

million.

not prepare a journal entry because the event had no effect on the

corporation's financial position until $2023.$