(a). On January 1, 2022, Sandhill Corporation had the following stockholders equity accounts.

Common Stock ($24 par value, 64,000 shares issued and outstanding)		$1,536,000
Paid-in Capital in Excess of ParCommon Stock		204,000
Retained Earnings		574,000

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 $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2023.
31		Determined that net income for the year was $318,500.

Journalize the transactions and the closing entries for net income and dividends.

	Account Titles and Explanation	Debit	Credit
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	enter an account title	enter a debit amount	enter a credit amount
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	enter an account title to close net income	enter a debit amount	enter a credit amount
	enter an account title to close net income	enter a debit amount	enter a credit amount
	(To close net income)
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	enter an account title to close stock dividends	enter a debit amount	enter a credit amount
	enter an account title to close stock dividends	enter a debit amount	enter a credit amount
	(To close stock dividends)
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	enter an account title to close cash dividends	enter a debit amount	enter a credit amount
	enter an account title to close cash dividends	enter a debit amount	enter a credit amount
	(To close cash dividends)