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A corporation declared a cash dividend of $1.00 per share on 20,000 shares...

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Accounting

A corporation declared a cash dividend of $1.00 per share on 20,000 shares of common stock on December 15. The dividend is to be paid one month later on January 15 to stockholders of record on December 30. Which of the following summarizes the effects of the journal entry recorded on the date of record on December 30?
It decreases stockholders' equity and decreases assets.
It increases stockholders' equity and increases liabilities.
It decreases liabilities and decreases assets.
No journal entry is recorded on the date of record.
It decreases stockholders' equity and increases liabilities.99.5
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