On December 1, 2018, Wilman Inc. declared $206,000 of dividends payable to stockholders on January 3, 2018. There are 24,500 shares of common stock and 11,900,5% cumulative shares of preferred stock with a par value of $15. Dividends were last paid in 2015. Write the journal entry to record the declaration and subsequent payout of the dividends. Wilman Inc. uses the cash dividends account to record dividends. Do not enter dollar signs or commas in the input boxes. For transactions that have 2 debits or credits, enter the accounts in alphabetical order. Date Account Title and Explanation Debit Credit Dec 1 Record dividend payable Jan 3 Record payment of dividend