The board of directors of Wayne Co. declared a cash dividend of $1.50 per share on 42,000 shares of common stock on July 15 . 2020. The dividend is to be paid on August 15, 2020, to stockholders of record on July 31, 2020. The effects of the journal entry to record the declaration of the dividend on July 15, 2020, are to detrease sobholders' equity and increase liabcities werehie stocholbers equity and decrease assets decose tocholden' toulity and decrease asiets. Worene stochtoibers equity and increse labilities