Hingutt Cove Corporation has issued 4,000 shares of common stock, all of the same class; 3,500 shares are outstanding and 500 shares are held as treasury stock. On August 15, 2015, Hingutt Cove's board of directors declared a cash dividend of $2.50 per share, payable on September 15, 2015, to stockholders of record on August 31, 2015.
Prepare the required journal entries for August 15, August 31, and September 15, 2015.