Pool Corporation, Inc., is the worlds largest wholesale distributor of swimming pool supplies and equipment. It is a publicly traded corporation which trades on the NASDAQ exchange under the symbol POOL. It sells these products to swimming pool repair and service businesses, swimming pool builders, and retail swimming pool stores. The majority of these customers are small, family-owned businesses. The company issued the following press release:

COVINGTON, La., Aug. 2, 2012 (GLOBE NEWSWIRE)Pool Corporation (Nasdaq: POOL) announced today that its Board of Directors has authorized a new $80 million share repurchase program for the purchase of the Companys common stock in the open market at prevailing market prices.

The Company also announced that the Board has declared a quarterly cash dividend of $0.30 per share. The dividend will be payable on August 29, 2012, to holders of record on August 13, 2012.

Required:
1.	Prepare the journal entries for Pool Corporation to record the repurchase of shares. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).)

2.

Prepare all necessary entries associated with the dividend. Pool has 100 million shares authorized with 31.4 million issued and 31.2 million outstanding. Assume that the dividend was paid before the repurchase of shares took place. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars not in millions (i.e., 1,000,000 not 1.0).)

View transaction list Journal entry worksheet 1 Record the repurchase of shares by Pool Note: Enter debits before credits. Transaction General Journal Debit Credit 1 View general journal Record entry Clear entry View transaction list Journal entry worksheet 1 2 Record the appropriate journal entry on August 2. Note: Enter debits before credits. Date General Journal Debit Credit August 02, 2012 Record entry Clear entry View general journal View transaction list Journal entry worksheet