Knowledge Check 01 On April 22, the board of directors for Cosmic Candy, Incorporated declared a cash dividend of $1 per share payable to stockholders of record on May 15. The dividends are paid on June 8. The company has 1,000 shares of stock outstanding Prepare the appropriate journal entry that will be recorded on June 8. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)