4 of 10 View Policies Show Attempt History Current Attempt in Progress On January 1, 2022, Sheffield Corp. had the following stockholders' equity accounts. Common Stock ($12 par value, 81,300 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $975,600 188,000 503,000 2.67/8 During the year, the following transactions occurred. Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. Jan. 15 Feb. 15 Apr. 15 May 15 Issued the shares for the stock dividend. Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $16 per share. July 1 Dec. 1 Announced a 2-for-1 stock split. The market price per share prior to the announcement was $14. (The new par value is $6.1 Declared a $0.70 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Determined that net income for the year was $220,000. (a) Your answer is correct. Journalize the transactions and the closing entries for net income and dividends. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) n. 15 b. 15 Date Account Titles and Explanation Cash Dividends Dividends Payable Dividends Payable Cash ir. 15 Stock Dividends Common Stock Dividends Distributable Paid-in Capital In Excess of Par-Common Stock ay 15 Common Stock Dividends Distributable Common Stock No Entry No Entry Cash Dividends Dividends Payable c. 31 Retained Earnings c. 31 c. 31 Debit 81300 81300 130080 97560 125202 206502 Cash Dividends (To close cash dividends) Retained Earnings 130080 Stock Dividends (To close stock dividends) Income Summary 220000 Retained Earnings (To close net income) eTextbook and Media List of Accounts Attempts: 2 of 5 used (b) Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous question.) Common Stock Date Explanation Ref. Debit Balance Paid-in Capital in Excess of Par-Common Stock Date Explanation Ref. Retained Earnings Date Balance V Credit Balanc Debit Credit Balance Explanation Ref. Debit Credit Balance Balance Cash dividends Stock dividends Net Income Cash Dividends Date Explanation Ref. Debit Credit Balance Stock Dividends Date Explanation Ref. Debit Credit Balance Common Stock Dividends Distributable Date List of Accounts Save for Later Explanation Ref. Debit Credit Balance Attempts: 0 of 5 used Submit