Journalize the transactions and the closing entries for net income and dividends. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accr ritles and Explanation Debit Credit ridends \begin{tabular}{|r|} \hline \\ \hline \end{tabular} nds Payable \begin{tabular}{|r|} \hline 60,700 \\ \hline \end{tabular} Is Payable 60,700 60,700 \begin{tabular}{|l|l|} \hline & i \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline & i \\ \hline \end{tabular} vidends 169,960 on Stock Dividends Distributable Capital in Excess of Par-Common St \begin{tabular}{|r|} \hline 121,400 \\ \hline \end{tabular} 1Stock Dividends Distributable 121,400 on Stock \begin{tabular}{|r|} \hline 48,560 \\ \hline \end{tabular} iidends \begin{tabular}{|r|} \hline 66,770 \\ \hline \end{tabular} 121,400 nds Payable jummary \begin{tabular}{|r|} \hline 310,000 \\ \hline \end{tabular} \begin{tabular}{|r|} \hline 66,770 \\ \hline \end{tabular} ed Earnings iet income) 1 Earnings 169,960 Jividends tock dividends) Earnings \begin{tabular}{|r|} \hline 127,470 \\ \hline \end{tabular} 169,960 ividends ash dividends) (.)