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Prepare journal entries to record the following transactions for Emerson Corporation.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
| July 15 | Declared a cash dividend payable to common stockholders of $160,000. |
| August 15 | Date of record is August 15 for the cash dividend declared on July 15. |
| August 31 | Paid the dividend declared on July 15. |
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