Sony declared a $$0\mathrm{.}50$ per share cash dividend on its common shares. The company has $35,000$ shares authorized, $18,000$ shares issued, and $14,000$ shares of common

stock outstanding. The journal entry to record the dividend declaration is:

Multiple Choice

Debit Common Dividends Payable $$7,000$; credit Cash $$7,000.$

Debit Common Dividends Payable $$9,000$; credit Cash $$9,000.$

Debit Retained Earnings $$7,000$; credit Common Dividends Payable $$7,000.$

Debit Retained Earnings $$9,000$; credit Common Dividends Payable $$9,000.$

Debit Retained Earnings $$17,500$; credit Common Dividends Payable $$17,500.$