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Suppose that the board of directors of Old Navy declared a cash dividend of $1.50 per share on 47000 shares of common stock on July 15, 2025. The dividend is to be paid on August 15, 2025 to stockholders of record on July 31, 2025. The effects of the journal entry to record the declaration of the dividend on July 15,2025 are to increase stockholders' equity and decrease assets. decrease stockholders' equity and decrease assets. decrease stockholders' equity and increase llabilities. increase stockholders' equity and increase liabilities