Prepare journal entries to record the following transactions for Emerson Corporation. July 15 Declared a cash dividend

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Prepare journal entries to record the following transactions for Emerson Corporation.

July 15 Declared a cash dividend payable to common stockholders of $165,000.

August 15 Date of record is August 15 for the cash dividend declared on July 15.

August 31 Paid the dividend declared on July 15.

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