On August $1,$ Tallow Corporation declared a $$0\mathrm{.}50$ per share cash dividend on its common stock

shares$)$ for stockholders on record as of August $15.$ Tallow Corporation paid the dividend on

August $31.$ Journalize the entries declaring the cash dividend and paying the dividend. $($Record

debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

Journalize the entry declaring the cash dividend.