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8. On July 1, Hagino Corporation declared a $2.00 per share cash dividend on its common stock (25,000 shares) for stockholders on record as of July 15. Hagino paid the dividend on July 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 Date Accounts and Explanation Debit Credit Jul. 1 Journalize the entry paying the dividend. Date Accounts and Explanation Debit Credit Jul. 31 Journalize the entry declaring the cash dividend. Date Accounts and Explanation Jul.1 Cash Cash Dividends Common Stock -$2.00 Par Value Dividends Payable-Common Journalize th Paid-In Capital in Excess of Par-Common Retained Earnings Date Declared a cash dividend Issued common stock for cash Payment of cash dividend Record date of record. Deb