After a successful year of operations, CIC has decided to pay a dividend to its shareholders. On January 1, CIC declared a $3,000 cash dividend to be paid on January 31 to shareholders of record on January 15. Balance Sheet Liab Income Statement Statement of Cash Flows Assets Equity Date Cash Dividends Payable Common Stock Retained Earnings Revenue Expense Net Income Type Amount Date Beginning of Month Balance Interest Earned Amount Withdrawn End of Month Balance Jan. 1 August Jan. 31 September October November December Assume CIC issued 4,000 shares of preferred stock for $600,000. Record this transaction in the horizontal statements model below. Balance Sheet Equity Income Statement Statement of Cash Flows Assets Net Cash Preferred Stock PIC in Excess Revenue Expense Type Amount Income Balance Sheet Statement of Cash Flows Beginning of Month Balance Date Interest Accrued Income Statement Amount Charged Paym ent End of Month Balance Date Assets Liab August Cash Dividends Payable Equity Preferred Stock Common Stock PIC in Excess PIC in Excess Retained Earnings Revenue Expense Net Income Type Amount September Jan. 5 Jan. 12 Apr. 5 Dec. 1 Dec. 20 October November December