Temitope purchased 100 shares of WowNet stock on Wednesday, March 5th. Xiang purchased 100 shares of WowNet stock on Friday, March 7th. WowNet declared a dividend on February 18th to shareholders of record on March 10th. The dividend is payable on April 1st. Given this information, which one of the following statements is correct?

Multiple Choice

• Neither Temitope nor Xiang is entitled to the dividend.

• Xiang is entitled to the dividend but Temitope is not.

• Temitope is entitled to the dividend but Xiang is not.

• Both Temitope and Xiang are entitled to the dividend.

• Both Temitope and Xiang are entitled to a pro rata portion of the dividend.