Cash Dividends The date of declaration, date of record, and date of payment jo.conoestion with a cash dividend of $1,200,000 on a corporation's common stock are June 1, July 15, and August 14, respectively. Illustrate the effects on the accounts and financial statements for June 1. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. Balance Sheet Liabilities Stockholders' Statement Assets Liabilities+ Equity I of Cash Flows Cash Retained No effect dividends + earnings payable June 1. Statement of Cash Flows No effect Income Statement No effect