Question #6 On July 16, Mily Company declared a 50.75 per share dividend on 10,700 outstanding shares of common stock. The date of record for the dividend is July 25 and the date of payment is August 8 ts What journal entry should the company make on July 16 to record the declaration of the dividend? If no entry is needed select No Entry Required" from the dropdown list (for both debit and credit) and leave the amounts blank pts Cr What effect does this entry have on the accounting equation? Assets Liabilities + Equity mpt What journal entry should the company make on july 25 on the date of record? If no entry is needed, select "No Entry Required from the dropdown list (for both debit and credit) and leave the amounts blank Cr What effect does this entry have on the accounting equation? Assets LiabilitiesEquit What journal entry should the company make on August 8 on the date of payment? If no entry is needed, select "No Entry Required" from the dropdown list (for both debit and credit) and leave the amounts blanlk Cr What effect does this entry have on the accounting equation? AssetsLiabilities Equity