Brief Exercise 8-16 Martinez Corp. has 7,900 shares of common stock outstanding. It declares a $5 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. tabular summary to record the declaration and payment of the cash dividend. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Prepare Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Liabilities Stockholders' Equity Assets Paid-in-Capital Retained Earnings Dividend Cash = Dividend Payable Revenue Expense Nov. 1 Dec. 31