Pool Corporation, Inc., is the world’s largest wholesale distributor of swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange under the symbol POOL. It sells these products to swimming pool repair and service businesses, swimming pool builders, and retail swimming pool stores. The majority of these customers are small, family-owned businesses. The company issued the following press release:
COVINGTON, La., Aug. 2, 2012 (GLOBE NEWSWIRE)—Pool Corporation (Nasdaq: POOL) announced today that its Board of Directors has authorized a new $100.0 million share repurchase program for the purchase of the Company’s common stock in the open market at prevailing market prices.
The Company also announced that the Board has declared a quarterly cash dividend of $0.16 per share. The dividend will be payable on August 29, 2012, to holders of record on August 13, 2012.

Required:
1. Record the repurchase of shares by Pool.
2. Prepare all necessary entries associated with the dividend. Pool has 100 million shares authorized with 49.4 million issued and 49.2 million outstanding. Assume that the dividend was paid before the repurchase of shares took place.