150,000 2. a. June 15 1 Cash Dividends (150,000 SI) 150.000 Dividends Payable July 10 1 Dividends Payable | 150,000 Cash 150,000 Dec. 15 Cash Dividends (152,000 x 51.20) Dividends Payable 182,400 b. In the retained earnings statement, dividends of S332,400 will be deducted. In the balance sheet, Dividends Payable of S182,400 will be reported as a current liability. 182,400 a16 Practice Problem (LO 1, 2) Financial Statement on January 1, 2020, Hayslett Corporation had the following Prepare dividend entries and stockholders' equity accounts. stockholders' equity section. Common Stock (S10 par value, 260,000 shares issued and outstanding) $2,600,000 Paid-in Capital in Excess of Par-Common Stock 1.500,000 Retained Earnings 3,200,000 During the year, the following transactions occurred. April 1 Declared a $1.50 cash dividend per share to stockholders of record on April 15, payable May 1 May Paid the dividend declared in April. June 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $24. Aug. 1 Declared a 10% stock dividend to stockholders of record on August 15, distributable August 31. On August 1, the market price of the stock was $10 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $150 per share dividend to stockholders of record on December 15. payable January 5, 2021. 31 Determined that net income for the year was $600,000 Instructions a. Journalize the transactions and the closing entries for net income, stock dividends, and cash dividends