I'm really just looking for an explanation of the dividends on Dec. 1

The stockholders' equity accounts of Novak Corp. on January 1, 2017, were as follows. Preferred Stock (7%, $100 par noncumulative, 12,500 shares authorized) $750,000 Common Stock ($4 stated value, 750,000 shares authorized) 2,500,000 Paid-in Capital in Excess of Par Value-Preferred Stock 37,500 Paid-in Capital in Excess of Stated Value-Common Stock 1,200,000 Retained Earnings 1,720,000 Treasury Stock (12,500 common shares) 100,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 12,500 shares of common stock for $75,000. Mar. 20 Purchased 2,500 additional shares of common treasury stock at $7 per share. Oct. 1 Declared a 7% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15, payable December 31, 2017. Dec. 31 Determined that net income for the year was $700,000. Paid the dividend declared on December 1. Your Answer Correct Answer (Used) Journalize the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when am