b (b) Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Use T-accounts.) (Note:Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous part. Select the date for closing balances even in case of zero balance.) Common Stock Retained Earning Paid-in Capital in Excess of Par Value-Common Common Stock Dividends Distributable Cash Dividends Stock Dividends On January 1, 2020, Skysong, Inc. had the following stockholders' equity accounts. Common Stock ($26 par value, 50,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,300,000 199,000 558,000 During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February Apr. 1 July 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $37. Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share. Issued the shares for the stock dividend. 31 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 $344,000. (a) Your answer is correct 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 "No Entry for the account titles and enter Ofor the amounts. Record journal entries in the order presented in the problem.) ate Debit Credit Account Titles and Explanation Cash Dividends 100,000 Dividends Payable Dividends Payable Cash No Entry No Entry Stock Dividends Common Stock Dividends Distributable Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable OG DO Dddddddddd-ONE ON AN MOMOANAANUTANAN Common Stock Cash Dividends Dividends Payable Income Summary Retained Earnings (To close net income) Retained Earnings Stock Dividends (To close stock dividends) Retained Earnings Cash Dividends (To close cash dividends)