On February 1, 2020, Wilman Inc. declared $178,000 of dividends payable to shareholders on March 3, 2020. There are 17,600 common shares and 7,000, $4 cumulative preferred shares. Dividends were last paid in 2017. 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 Feb 1 Record dividend payable Mar 3 Record payment of dividend