Summer Corporation board of directors have approved payment of a cash dividend of $2.00 per share. The dividend was declared on November 1, 2020 for all stockholders' of record as of December 1, 2020, and will be paid on December 31, 2020. As of January 1, 2020, Summer had 8,000 shares outstanding and 15,000 shares authorized. On March 31, Summer issued 5,000 additional shares and on June 30th Summer repurchased 3,000 shares. Prepare the necessary journal entry for Summer Corporation as of November 1, 2020. If no journal entry is necessary, answer "no journal entry needed". Answer should be expressed as: DR (ACCOUNT NAME) $X,XXX CR (ACCOUNT NAME) $X,XXX No dates or explanations are needed.