At the end of its year, the securities portfolio consisted of the following common stocks, all of which Wildhorse Co$.$ has $1,000,000$ authorized shares of $$20$ par value common stock. As of June $30,2020,$ there were $680,000$ shares

issued and outstanding. On June $30,2020,$ the board of directors declared a $$0\mathrm{.}50$ per share cash dividend to be paid on August $1,$

Prepare the necessary journal entries to be recorded on $($a$)$ the date of declaration, $($b$)$ the date of record, and $($c$)$ the date of payment.

$($If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented

when the amount is entered. Do not indent manually.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$($a$)$

$($b$)$

$($c$)$ les then $20\%$

ownership.

In the following year, the Edmunds common stock is sold for cash proceeds of $$57500.$ The gain or loss to be recognized on the sale is a

gain of $$3200.$

loss of $$3200.$

loss of $$3200.$

gain of $$10600.$