7:12 PM Tue Feb 4 C14 GRO On January 1, 2020, Sheridan Corporation had the following stockholders' equity accounts Common Stock ($22 par value, 53,500 shares issued and outstanding) Pald-in Capital in Excess of Par-Common Stock Retained Earnings $1,177,000 191,000 631,000 During the year, the following transactions occurred. Feb. 1 Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $38. July 1 Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2021 31 Determined that net income for the year was $367,500 Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented problem.) Debit Credit Date Account Titles and Explanation 160500 Retained Earnings Feb. 1 Dividends Payable 160500 Dividends Payable 160500 Mar. 1 Cash 160500 Apr.1 No Entry No Entry July 1 Retained Earnings 160500 Common Stock 117700 Paid-in Capital in Excess of Par-Common Stock 42800 Common Stock Paid-in Capital in excess of Par-Common Stock 42800 (To close net income) (To close stock dividends) (To close cash dividends) 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 pres part.) Comics Stock Date Explanation Ref Debit Credit Halance Jan. 1 Balance 1177000 July 31 1177000 1294700 Balance 117700 Common Stock Dividends Distributable Date Explanation Ref Debit Credit July 117700 July 31 1177000 Paid-in Capital in Excess of Par-Common Stock Date Explanation Ref Debit Credit Balance Jan. 1 Balance 191000 7:13 PM Tue Feb 4 52% C14 GRO 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 part.) Common Stock Date Explanation Ref Debit alance Jan. 1 Balance 1177000 July 31 1177000 1294700 Common Stock Dividends Distributable Explanation Rel Date Debit Balance July 1 117700 117700 July 31 117700 Paid-in Capital in Excess of Par Common Stock Date Debit Jan. 1 191000 July 1 42800 233800 Retained Earnings Date Explanation Ref Debit Credit Jan, 1 Balance 631000 Dec. 31 Net income Stock dividend 160500 Cash dividend 35310 Cash Dividends Date Explanation Ref Balance Debit Credit Feb. 1 160500 Dec 1 35310 Dec. 31 195810 Stock Dividends Date Explanation Ref Debit Halance Credit July 1 160500 Dec. 31 1605000 Dec. 31 160500 do not provide descriptive Prepare a stockholders' equity section at December 31. (Enter information.) SHERIDAN CORPORATION Balance Sheet (Partial) December 31, 2020 Stockholders' Equity Paid-in Capital Capital Stock Common Stock Additional Paid-in Capital Paid-in Capital in Excess of Par-Common Stock 23330D Total Paid-in Capital 1528500 Retained Earnings 1354810 2883310 Total Stockholders' Equity Click if you would like to Show Work for this question: Open Show Work Question Attempts: 0 of 3 used