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

On January 1, 2022, Oriole Corporation 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 During the year, the following transactions occurred. Mar. 1 Apr. 1 July 1 Feb. 1 Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. 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. Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2023. Determined that net income for the year was $344,000. 31 Dec. 1 $1,300,000 31 199,000 558,000