Pool Corporation, Inc., sells swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange. The majority of Pool’s customers are small, family-owned businesses. The company issued the following press release:
COVINGTON, La., Oct. 30, 2020 (GLOBE NEWSWIRE)–Pool Corporation (Nasdaq: POOL) announced today that its Board of Directors declared a quarterly cash dividend of $0.58 per share. The dividend will be payable on November 25, 2020, to holders of record on November 12, 2020. The Company also announced in its 2020 Annual Report that it had repurchased $23.2 million of its common stock in the open market.

Required:
1. Record the repurchase of shares by Pool assuming all shares were repurchased at one time and Pool is holding the shares as treasury stock.
2. Prepare all necessary entries associated with the dividend. Assume that at the time of the dividend, Pool was authorized to issue 100 million shares and had 43 million shares outstanding.