Delaney purchased 500 shares of Upriver Tours stock on Wednesday, July 7. Edward purchased 100 shares of Upriver Tours stock on Thursday, July 8. Upriver Tours declared a dividend on June 20 to shareholders of record on July 12 and payable on August Which one of the following statements concerning the dividend paid on August 1 is correct given this information?
a. Neither Kate nor Ted is entitled to the dividend.
b. Kate is entitled to the dividend but Ted is not.
c. Ted is entitled to the dividend but Kate is not.
d. Both Ted and Kate are entitled to the dividend.
e. Both Ted and Kate are entitled to one-half of the dividend amount.
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