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Woolford Inc. declared a cash dividend of $1.39 per share on its 2.02 million outstanding shares. The dividend was declared on August 1, payable on

Woolford Inc. declared a cash dividend of $1.39 per share on its 2.02 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare all journal entries necessary on those three dates.

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