Mary purchased 100 shares of GT stock on Wednesday, July 7th. John purchased 100 shares of GT, stock on Thursday, July 8th. GT declared a dividend on June 20th to shareholders of record on July 12th and payable on August 1st. Which one of the following statements concerning the dividend paid on August 1st is correct given this information?
Neither Mary nor John are entitled to the dividend.
John is entitled to the dividend but Mary is not.
Mary is entitled to the dividend but John is not.
Both Mary and John are entitled to the dividend.
Both Mary and John are entitled to a prorata share of the dividend.