On March 1, Year 1, Gilmore Incorporated declared a cash dividend on its 1,500 outstanding shares of $50 par value, 6% preferred stock. The dividend will be paid on May 1, Year 1 to the stockholders of record as of April 1, Year 1.How will the entry to record the declaration of the dividend on March 1 affect the elements of the financial statements? Assets=Liab.+Stk.EquityRev.?Exp.=Net Inc.Stmt. ofCash FlowsA.NA (9,000) (9,000)NA 9,000 (9,000)NAB.NA 9,000 (9,000)NA NA NANAC.(4,500) NA (4,500)NA NA NA(4,500)FAD.NA 4,500 (4,500)NA NA NANA
A. Option A
B. Option B
C. Option C
D. Option D
Answer: D
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