In 2020, Spanish Fort Corporation had net sales of $500,000 and cost of goods sold of $300,000. Operating expenses were $93,000, and interest expense was $7,500. The corporation's tax rate is 30%. The corporation declared preferred dividends of $7,000 in 2020, and its average common stockholders' equity during the year was $500,000, Prepare an income statement for Spanish Fort Corporation SPANISH FORT CORPORATION Income Statement For the Year Ended December 31, 2020 $ > Bonita Corporation has 86,000 shares of common stock outstanding. It declares a $2 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. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts:) Date Account Titles and Explanation Debit Credit