Kate purchased 500 shares of Fast Deliveries stock on Wednesday, July 7th. Ted purchased 100 shares of Fast Deliveries stock on Thursday, July 8th. Fast Deliveries 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?a. Kate is entitled to the dividend but Ted is not. b. Ted is entitled to the dividend but Kate is not. c. Both Ted and Kate are entitled to one-half of the dividend amount. d. Both Ted and Kate are entitled to the dividend.