On January 1, 2014, Belgium Corporation had the following equity accounts.
Share Capital—Ordinary (€4 par value, 250,000 shares
issued and outstanding)                                                         €1,000,000
Share Premium—Ordinary                                                         200,000
Retained Earnings                                                                     840,000
During the year, the following transactions occurred.
Jan. 15 Declared a €1 cash dividend per share to shareholders of record on January 31, payable February 15.
Feb. 15 Paid the dividend declared in January.
Apr. 15 Declared a 10% share dividend to shareholders of record on April 30, distributable
May 15. On April 15, the market price was €11 per share.
May 15 Issued the shares for the share dividend.
July 1 Announced a 2-for-1 share split. The market price per share prior to the announcement was €12. (The new par value is €2.)
Dec. 1 Declared a €0.50 per share cash dividend to shareholders of record on December 15, payable January 10, 2015.
31 Determined that net income for the year was €264,000.

Instructions
(a) Journalize the transactions and the closing entries for net income and dividends.
(b) Enter the beginning balances, and post the entries to the equity accounts. (Note: Open additional equity accounts as needed.)
(c) Prepare an equity section at December 31.