Brief Exercise 8-16 Your answer is partially correct. Try again. Sarasota Corp. has 8,500 shares of common stock outstanding. It declares a $4 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31. Prepare a tabular summary to record the declaration and payment of the cash dividend. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets = Liabilities + Paid-in-Capital Stockholders' Equity Retained Earnings Revenue - Expense - Cash = Dividend Payable +. + Dividend x Nov. 1 34,000 I 34,000 Dec. 31 | 34,000 34,000 Click if you would like to Show Work for this question: Open Show Work