Equity: (Discussed on LPacket 2) Cabot Company has two classes of stock; common stock, no par and common stock, $25 par. Cabot Companys outstanding common stock from the balance sheet at December 31 (from Question 1 of the Connect Part) is no-par common stock and represents 20,000 shares. Because the company has not issued $25 par value common stock previously, the beginning balance in the T account common stock - $25 par value will have a zero-beginning balance. The transactions from question 1 of the Connect Part are the result of Cabot Corporations expansion efforts at the beginning of year 2. b. On October 15, year 2, (after all equity transaction) Cabot Company declared a $1.50 per share dividend (for both classes of common stock). Calculate the value of the dividends for both $25 and no-par common stock. Prepare the journal entry to record the declaration of dividends. Make sure you include your journal entry on Attachment 2. c. Prepare the journal entry to record the payment of the dividend on November 1, year 2. Make sure you include your journal entry on Attachment 2. d. Post the journal entries from Attachment 2 to the T accounts in Attachment 1. You can determine the ending balances in all the equity accounts EXCEPT Retained Earnings.