Francis purchased 100 shares of Ecobank stock on Wednesday, July 7th. John purchased 100 shares of Ecobank stock on Thursday, July 10th. Ecobank 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) Neither Francis nor John is entitled to the dividend.
(b) Francis is entitled to the dividend but John is not.
(c) John is entitled to the dividend but Francis is not.
(d) Both Francis and John are entitled to the dividend.