Carlu Corp. has 300,000 shares of stock authorized, 150,000 shares issued, and 100,000 shares outstanding. On September 1, 2016, Carlu's Board of Directors declared a cash dividend of $0.60 per share, with a date of record of October 1, 2016. The dividend will be paid on November 1, 2016. Prepare the journal entries required to record the transactions described above.