The date on which a cash dividend becomes a binding legal obligation is on the date of record declaration date payment date last day of the fiscal year-end. 3 pts D Question 12 3p The board of directors of Pooh Company declared a cash dividend of $1.50 per share on 42,000 shares of common stock or 15, 2020. The dividend is to be paid on August 15, 2020, to stockholders of record on July 31, 2020. The effects of the jou entry to record the declaration of the dividend on July 15, 2020, are to decrease stockholders' equity and increase liabilities. decrease stockholders' equity and decrease assets. increase stockholders' equity and increase liabilities. increase stockholders' equity and decrease assets