Crane Corporation has 70,000 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.  What is the date?  What are the title and explanations?  Is it debit or credit?

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A: a.

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