On May 20, the board of directors for Auction.com declared a cash dividend of 50 cents per share payable to stockholders of record on June 14. The dividends are paid on July 14 . The company has 509,000 shares of stock outstanding. Closing entries are recorded on July 31. Prepare any necessary journal entries for each date. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1 Record the entry on the date of declaration for a cash dividend of 50 cents per share payable on the 509,000 shares of stock outstanding. 2 Record the entry on the date of record for a cash dividend of 50 cents per share payable on the 509,000 shares of stock outstanding. 3 Record the entry on the date of payment for the cash dividend. 4 Record the entry to close the dividend account to retained earnings. Note : O= journal entry has been entered
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