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The stockholders' equity section of Novak Corp. at December 31, 2019 included the following: 4% preferred stock, $100 par value, cumulative, 19,900 shares authorized, 14

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The stockholders' equity section of Novak Corp. at December 31, 2019 included the following: 4% preferred stock, $100 par value, cumulative, 19,900 shares authorized, 14 700 shares issued and outstanding $1,470,000 Common stock, $10 par value. 250,000 shares authorized 210,000 shares issued and outstanding $2,100,000 Dividends were not declared on the preferred stock in 2019 and are in arrears. On September 15, 2020, the board of directors of Novak Corp. declared dividends on the preferred stock to stockholders of record on October 1, 2020, payable on October 15, 2020. On November 1, 2020, the board of directors declared a $1 per share dividend on the common stock, payable November 30, 2020, to stockholders of record on November 15, 2020 Prepare the journal entries that should be made by Novak Corp on the dates indicated below. September 15, 2020 October 1, 2020 October 15, 2020 November 1, 2020 November 15, 2020 November 30, 2020 Of entry is required, elect "No entry for the account titles and enter for the amounts Credit accountitles are automatically indented when the amount is entered Do not indent manual Record they must have occurred) Date Account Titles and Explanation Debit Credit September 15, 20200 Cash Dividende Dividends Payable October 1.2020 No Entry No Entry October 15, 2020 Dividends Payable November 2020 Cash David Divine Payti

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