Vaughn Corporation has $12$ million shares of common stock issued and outstanding. On June $1,$ the board of directors voted an $79$ cents per share cash dividend to stockholders of record as of June $14,$ payable June $30.$

$($a$)$

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Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings. $($List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Record entries in the order displayed in the problem statement.$)$

Date

Account Titles and Explanation

Debit

Credit

Retained Earnings

Dividends Payable

Dividends Payable

Paid$-$in Capital in Excess of Par $-$ Common Stock

Dividends Pavable