On 8/1/16 Allico Inc.s' board of directors declared a $.20 cash dividend on all of its common stock. The ex-dividend date was 8/27/16 and the date of record was 8/31/16. The date of payment was 9/15/16. On 8/1/16, Allico Inc. had 16,000, 000 shares of common stock authorized with 7,000, 000 issued and 500, 000 shares held as treasurary stock. Required: Make all the required entries to record the information given above