King Corp. has a calendar year. Kings net income before effect of dividends was $1,250,000 for 20x7 and $1,500,000 for 20x8. Kin declared $375,000 dividends on November 15, 20x7. Date of record was January 15, 20x8 and dividends were paid on Feb. 1, 20x8. Stockholders equity at January 1, 207 was $2,500,000. (a) Prepare journal entires to reflect the(1) dividend declaration,(2) date of record, and (3)date of payment. (b) How much was total equity at the end of 20x7 and 20x8?