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

1.July 15 Declared a cash dividend payable to common stockholders of $161,000.

2.Aug. 15 Date of record is August 15 for the cash dividend declared on July 15.

3. Aug. 31 Paid the dividend declared on July 15.