On $6/17,$ Year $6,$ the board of directors of a corporation declares a cash dividend equal to $$700,000$ for shareholders of record on $7/23,$ Year $6,$ payable on $8/19,$ Year $6.$ However, as of $6/17,$ Year $6,$ the retained earnings account has a credit balance of $$0($zero$).$ The retained earnings account can only absorb a dividend equal to its credit balance and cannot be reduced to a deficit $($i$.$e$.,$ debit balance$)$ as a result of a dividend.

Please prepare the journal entries for $6/17/$Yr $6,7/23/$Yr $6,$ and $8/19/$Yr $6.$