On June 15, 20XX, The Board of Directors of Hanging Gardens, Inc. declared a $1.00 dividend for record holders as of June 20, 20XX. The dividends were paid on July 1, 20XX. Record the transactions associated with the dividend. At the time of declaration the Company was authorized to sell 5,000,000 shares; had 1,250,000 shares issued; and 50,000 shares of treasury stock. If no entry is required, note no entry required. (6 points)