Crane Corporation has 12.50 million shares of common stock issued and outstanding. On June 1, the board of directors voted an 76 cents per share cash dividend to stockholders of record as of June 14, payable June 30. Prepare the journal entries for each of the dates above assuming the dividend represents a distribution of earnings.   How would the entries differ if the dividend were a liquidating dividend?

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A: Please find the answers to the above questions below:

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