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26. On June 30, 2015 you have 150,000 shares of $7 par value common stock outstanding. The board of directors declares a cash dividend of

26. On June 30, 2015 you have 150,000 shares of $7 par value common stock outstanding. The board of directors declares a cash dividend of $2 per share to all shareholders of record as of July 30, 2015. The dividend is payable on October, 31 2015. Record any required journal entries between June 30th and October 31st. (8 Points)

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