Current Attempt in Progress @ Show Timer At the end of its first year of operation Sheridan Company has $1320,000 of common stock and net income of $228.000 Prepare the closing entry for net income. (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 for the amounts) Account Titles and Explanation Debit Credit Prepare the stockholders' equity section at year-end. Sheridan Company Balance Sheet (partial) Whispering Winds Corp. has 2,500 shares of 10%, $100 par value preferred stock outstanding at December 31, 2020. At December 31, 2020, the company declared a $145,000 cash dividend. Determine the dividend paid to preferred stockholders and common stockholders under each of the following scenarios. 1. The preferred stock is noncumulative, and the company has not missed any dividends in previous years. The dividend paid to preferred stockholders $ The dividend paid to common stockholders $ 2 The preferred stock is noncumulative, and the company did not pay a dividend in each of the two previous years, The dividend paid to preferred stockholders The dividend paid to common stockholders $ 3. The preferred stock is cumulative, and the company did not pay a dividend in each of the two previous years. The dividend paid to preferred stockholders $ The dividend paid to common stockholders 5