Prepare journal entries to record the above transactions for Emerson Corporation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1) Record the declaration of a cash dividend payable to common stockholders.

2) Record the entry on the date of record for the cash dividend of $178,000.

3) Record the payment of cash dividend.

July		15		Declared a cash dividend payable to common stockholders of $178,000.
Aug.		15		Date of record is August 15 for the cash dividend declared on July 15.
Aug.		31		Paid the dividend declared on July 15.