M11-8 Recording Dividends [LO 11-3] On May 20, the board of directors for Auction.com declared a cash dividend of 50 cents per share payable to stockholders of record on June 14. The dividends are paid on July 14. The company has 514,000 shares of stock outstanding. Closing entries are recorded on July 31. Prepare any necessary journal entries for eachdate. (fno entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.)