On December $15,2024,$ the board of directors of Apolo Corporation declared a cash dividend, payable on January $8,2025,$ of $$0\mathrm{.}97$ per share on its common stock. Apolo Corporation has

issued $2,200,000$ shares of common stock and $2,000,000$ common shares are currently outstanding. On December $15,2024,$ Apolo should

Multiple Choice

decrease retained earnings $$1\mathrm{.}94$ million and increase liabilities by $$1\mathrm{.}94$ million.

decrease retained earnings $$1\mathrm{.}94$ million and increase expenses $$1\mathrm{.}94$ million.

decrease cash $$1\mathrm{.}94$ million and decrease retained earnings $$1\mathrm{.}94$ million.

not prepare a journal entry because the event had no effect on the corporation's financial position until January $8,2021.$

None of the other choices is correct