Question 4 (of 7) 4. M11-8 Recording Dividends [LO 11-3] On May 20, the board of directors for Auction.com declared a cash dividend of 50 cents per share payable to stockholders of record on June 14, The dividends are paid on July 14The company has 503,000 shares of stock outstanding. Closing entries are recorded on July 31. Prepare any necessary journal entries for each date. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Record the entry on the date of declaration for a cash dividend of 50 cents per share payable on the 503,000 shares of stock outstanding