On May 20, the board of directors for Auction.com declared a cash dividend of 50 cents per share payable to stockholders of record on June 14. The dividends are paid on July 14 . The company has 506,000 shares of stock outstanding. Closing entries are recorded on July 31. Prepare any necessary journal entries for each date. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the entry on the date of declaration for a cash dividend of 50 cents per share payable on the 506,000 shares of stock outstanding. Note: Enter debits before credits