Mary purchased 1,000 shares of New Way stock on Wednesday, July 7. John purchased 500 shares of New Way stock on Thursday, July 8. New Way declared a dividend on June 20 to shareholders of record on Thursday, July 15 and payable on August 1. Which one of the following statements concerning the dividend paid on August 1 is correct given this information?

A. Both Mary and John are entitled to the dividend.

B. Mary is entitled to the dividend but John is not.

C. John is entitled to the dividend but Mary is not.

D. Neither Mary nor John is entitled to the dividend.

E. Both John and Mary are entitled to one-half of the dividend amount.