Instructions: 1) Journalize the transactions and the closing entries for net income, stock dividends, and cash dividends. 2) Prepare the stockholders' equity section at December 31 . On January 2022, Carlos Corporation had the following stockholders' equity accounts. Common Stock ( $10 par value, 200,000 shares issued and outstanding). Paid-in Capital in Excess of Par - Common Stock Retained Earnings During the year, the following transactions occurred. April 1 Declared a $1.50 cash dividend per share to stockholders of record on April 15, payable May 1. May 1 Paid the dividend declared in April. June 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $24. Aug. 1 Declared a 10% stock dividend to stockholders of record on August 15, distributable August 31. On August 1, the market price of the stock was $10 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a \$1.50 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $600,000