2. On January 1, 2020, Belgium Industries had the following equity accounts. Share capital - ordinary (54 Par Value, 250,000 shares issued and outstanding) Share Premium - Ordinary Retained Earnings $1,000,000 200,000 840,000 Feb During the year, the following transactions occurred. Jan 15 Declared a $1 cash dividend per share to shareholders of record on January 31, payable at February 15. 15 Paid the dividend declared in January Apr 15 Declared a 10% share dividend to shareholders of record on the 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 share split. The market price per share prior to the announcement was $12 (The new par value is S2) 1 Declared a $0.50 per share cash dividend to shareholders of record on December 15 payable January 10, 2021. 31 Determined that net income for the year was $264,000. Dec Instructions 1. Journalize the transactions and the closing entries for net income and dividend. 2. Prepare equity section at December 31. CLO 4 (6 Marks)