P13-1 (similar to) Question Help Dividend payment procedures At the quarterly dividend meeting, Wood Shoes declared a cash dividend of $1.37 per share for holders of record on Monday, July 10. The firm has 250,000 shares of common stock outstanding and has set a payment date of July 31. Prior to the dividend declaration, the firm's key accounts were as follows: Cash $500,000 Dividends payable Retained earnings $ 0 $ 2,000,000 a. Show the entries after the meeting adjourned. b. When is the ex-dividend date? c. What values would the key accounts have after the July 31 payment date? d. What effect, if any, will the dividend have on the firm's total assets? e. In a perfect market, what effect, if any, will the dividend have on the firm's stock price on the ex-dividend date? a. Show the entries after the meeting adjourned. (Round to the nearest dollar.) Cash Dividends payable Retained earnings