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13-1 Dividend payment procedures Wood Shoes, at the quarterly dividend meeting, declared a cash dividend of $1.10 per share for holders of record on Monday, July 10. The firm has 300,000 shares of common stock outstanding and has set a payment date of July 31. Prior to the dividend declaration, the firm's key account were as follows: Cash $500,000 Dividends payable Retained earnings $0 2,500,000 a. Show the entries after the meeting adjourned. b. When is the ex dividend date? c. After the July 31 payment date, what values would the key accounts have? d. What effect, if any, will the dividend have on the firm's total assets? e. Ignoring general market fluctuations, what effect, if any, will the dividend have on the firm's stock price on the ex dividend date