BE12-7 Chavez Corporation has 50,000 shares of common stock outstanding. It declares a $1

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BE12-7 Chavez Corporation has 50,000 shares of common stock outstanding. It declares a $1
per share cash dividend on November 1 to stockholders of record on December 1.The dividend
is paid on December 31.

Prepare the entries on the appropriate dates to record the declaration
and payment of the cash dividend.