Analyze effects of dividends on financial statements. (LO 2)

Rich Land Inc. had a net income of \(\$ 315,000\) for the year ended June 30, 2008. On July 15,2008 , the board of directors met and declared a dividend of \(\$ 0.25\) per share for each of the 500,000 outstanding shares of common stock. The board voted to make the actual distribution on September 1 to all shareholders of record as of August 1. What is

(a) the date of declaration,

(b) the date of record, and

(c) the date of payment? If Rich Land Inc. were to prepare a balance sheet on July 30, how would the dividends be reported (if at all)?