Using the data from E8-20, indicate the effects on net assets and EPS for the following dates:
1. June 1 (date of declaration)
2. July 15 (date of record)
3. August 14 (date of payment)
Data from E8-20
The date of declaration, date of record, and date of payment in connection with a cash dividend of $1,200,000 on a corporation's common stock are June 1, July 15, and August 14, respectively. Illustrate the effects on the accounts and financial statements for each date.