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Novak Corporation has 10.90 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 72 cents per share cash dividend to stockholders of record as of June 14, payable June 30. (a) Your answer is correct. Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit 6/1 Retained Earnings 7848000 Dividends Payable 7848000 6/14 No Entry No Entry 0 6/30 Dividends Payable 7848000 Cash 7848000 (b) How would the entries differ if the dividend were a liquidating dividend? (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit