Preferred stock dividend

12,000 shares of $6 stated-value, 5%, preferred stock issued

August 1st 2020 a preferred stock dividend was declared

November 1st 2020, stock dividend was paid

Record the journal entries

8/1/20

	DR	CR
Retained earnings	3600
Preferred stock dividend distributable		3600

11/1/20

	dr	cr
preferred stock dividend distributable	3600
cash		3600

would these entries be correct?

When this appears on the statement of shareholders equity we would reduce $3600 as dividends declared correct?

Retained earnings:

Balance, unappropriated $700,000

Dividends declared (3,600)

Total balance : $696,400