During the year, the following transactions occurred. Jan. 15 Declared a $0.60 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 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 $15 per share May 15 Issued the shares for the stock dividend. Dec. 1 Declared a $0.60 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Dec. 31 Determined that net income for the year was $374,000. \begin{tabular}{|c|c|c|c|} \hline Date & Account Titles and Explanation & Debit & Credit \\ \hline \multirow[t]{2}{*}{ Jan. 15} & Cash Dividends & 46200 & \\ \hline & Dividends Payable & & 46200 \\ \hline \multirow[t]{2}{*}{ Feb. 15} & Dividends Payable & 46200 & \\ \hline & Cash & & 46200 \\ \hline \multirow[t]{3}{*}{ Apr. 15} & Stock Dividends & 115500 & \\ \hline & Common Stock Dividends Distributable & & 77000 \\ \hline & Paid-in Capital in Excess of Par Value-Common Stock & & 38500 \\ \hline \multirow[t]{2}{*}{ May 15} & Common Stock Dividends Distributable & 77000 & \\ \hline & Common Stock & & 77000 \\ \hline Dec. 1 & Cash Dividends & 50820 & \\ \hline & Dividends Payable & & 50820 \\ \hline \end{tabular} Dec. 31 Income Summary Retained Earnings (To close net income) Dec. 31 Dec. 31 Cash Dividends 374000 374000 115500 Stock Dividends 115500 (To close stock dividends) Retained Earnings 97020 4 97020 Common Stock Retained Earnings Paid-in Capital in Excess of Par Value Cash Dividends Common Stock Dividends Distributable Stock Dividends