Part $1$ of $2$

Points: $0$ of $1$

$8.$ On August $1,$ Hagino Corporation declared a $$1\mathrm{.}50$ per share cash dividend on its common stock $(20,000$ shares$)$ for stockholders on record as of August $15.$ Hagino 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.