Recording Liquidating Dividends On November 1, 2020, Toni Corp. declared a cash dividend of $3.00 per share on its 40,000 outstanding shares of common stock ($1 par, originally sold at $10 per share). The dividend is payable on January 5, 2021, to its stockholders of record on December 30, 2020. On its declaration date, the balance in the retained earnings account was $92,000; this balance had not been corrected for a $12,000 overstatement of the 2019 net income (caused by an understatement of 2019 depreciation expense). The annual accounting period ends December 31. Required a. Provide the entry for declaration of the dividend on November 1, 2020. Note: List multiple debits (when applicable) in alphabetical order and list multiple credits (when applicable) in alphabetical order. Account Name Dr. Cr. Nov. 1, 2020 Paid-in Capital in Excess of Par-Common Stock Retained Earnings Dividends Payable Date b. Provide the entry for distribution of the dividend on January 5, 2021. Dr. Cr. Date Account Name Jan. 5, 2021 Dividends Payable Property Dividends Payable