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Giovanni Corporation has 70,000 shares of common stock outstanding. It declares a $2 per share cash dividend on November 15 to stockholders of record on

Giovanni Corporation has 70,000 shares of common stock outstanding. It declares a $2 per share cash dividend on November 15 to stockholders of record on December 15. The dividend is paid on December 31. Prepare the entries on the appropriate dates to record the declaration and payment of the cash dividend.

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