Instructions: Prepare the journal entries for the above transactions and the closing entries for profit and dividends. On January 1, 2020, Bridger Bike Corporation had the following shareholders' equity accounts: Common Shares( 100,000 shares issued) $1,200,000 Retained Earnings 612,000 During 2020, the following transactions occurred: Jan. 15 Declared a $.50 cash dividend per common share to the shareholders of record on January 31, payable on February 15. Feb. 15 Paid the dividend declared on January 15. Apr. 15 Declared a 10% common share dividend to the shareholders of record on April 30, distributable on May15. On April 15, the market price of the common shares was $16 per share. May 15 Distributed the common share dividend declared on April 15. July 1 Announced a 2-for-1 common share split. The market price per common share at the time of the announcement was $17. Dec. 1 Declared a $1.00 cash dividend per share to the shareholders of record on December 15, payable on January 10, 2021. Dec. 31 Profit for the year was $320,000