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Mapleleaf Industries declared a $0.70 per share cash dividend. The company has 150,000 shares authorized, 55,000 shares issued, and 52,000 shares of common stock outstanding.

Mapleleaf Industries declared a $0.70 per share cash dividend. The company has 150,000 shares authorized, 55,000 shares issued, and 52,000 shares of common stock outstanding. What is the journal entry to record the dividend declaration?

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