Basse Corporation has 7,000 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Credit Debit Layes Inc. issues 8,000 shares of $100 par value preferred stock for cash at $106 per share. Journalize the issuance of the preferred stock. (Credit account titles are automatically indented whe If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Cash 848000 Preferred Stock 800000 Paid-in Capital in Excess of Par Value-Preferred Stock On January 1, 2017, Kimbel Inc. had these stockholders' equity balances. $600,000 Common Stock, $1 par (2,000,000 shares authorized, 600,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings Accumulated Other Comprehensive Income 1,500,000 700,000 60,000 During 2017, the following transactions and events occurred. 1. 2. 3. 4. 5. Issued 50,000 shares of $1 par value common stock for $3 per share. Issued 60,000 shares of common stock for cash at $4 per share. Purchased 20,000 shares of common stock for the treasury at $3.80 per share. Declared and paid a cash dividend of $207,000. Earned net income of $410,000. Had other comprehensive income of $17,000. 6. Prepare the stockholders' equity section of the balance sheet at December 31, 2017 Prepare the stockholders' equity section of the balance sheet at December 31, 2017 KIMBEL INC. Partial Balance Sheet $