M11-9 Recording Dividends [LO 11-3] On May20, 2013, 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 will be paid on July 14. The company has 500,000 shares of stock outstanding. Prepare any necessary journal entries for each date. (If no entry is required for a transaction event select No Journal Entry Required in the first account field)