Rachel purchased 500 shares of Firm A's stock on Wednesday, July 7. Ralph purchased 100 shares of Firm A's stock on Thursday, July 8. Firm A declared a dividend on June 20 to shareholders of record on July 12 and payable on August 1. Which one of the following statements concerning the dividend paid on August 1 is correct given this information? A) Both Ralph and Rachel are entitled to the dividend. B) Neither Rachel nor Ralph is entitled to the dividend. OC) Both Ralph and Rachel are entitled to one-half of the dividend amount. D) Rachel is entitled to the dividend but Ralph is not. E) Ralph is entitled to the dividend but Rachel is not.