5. Jersey Corporation declared a $500,000 cash dividend on 7-1-20. The dividend is payable to owners of record on 8-1-20. The dividend will be paid on 9-1-20. Required: Prepare the appropriate journal entries for 7-1-20 and 9-1-20. 6. York Company declared a land dividend on 6-15-20. The land had a book value of $600,000 and a fair market value of $750,000 on the declaration date. The dividend is payable to owners of record on July 15, 2020. The dividend will be distributed on 9-15-20. Prepare the Required Journal entries on 6-15-20 and 8-15-20