The board of directors of Western Ltd declared a cash dividend of $1.50 per share on 42 000 ordinary shares on 15 July, 2014. The dividend is to be paid on 15 August, 2014, to shareholders on record on 31 July, 2014. The effects of the journal entry to record the payment of the dividend on 15 August, 2014, are to: O decrease shareholders' equity and decrease liabilities. decrease liabilities and decrease assets. O increase shareholders' equity and increase liabilities. O increase shareholders' equity and decrease assets.

Cool Company has decided to take their company public on January 1, 2014. Cool company had 1,000 shares authorized. The following transactions occurred.    c.) On March 30, 2015, Cool company declared  a dividend of $1 per share. Record the journal entry for this transaction. Label debits and credits and include classification of each account.  d.) on April 30, 2015, cool company paid the dividend to shareholders. Record the journal entry for the dividend payment. Label debits and credits and include classification of each account.

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