On December 31, 2020, Oriole Corporation had the following shareholders' equity accounts: ORIOLE CORPORATION Balance Sheet (partial) December 31, 2020 Shareholders' equity Common shares (unlimited number of shares authorized 90,000 issued) Retained earnings Total shareholders' equity $1,023,000 550,000 $1,573,000 During the year, the following transactions occurred: 15 Jan. July Dec. 1 15 Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15. Announced a 3-for-2 stock split. The market price per share on the date of the announcement was $12. Declared a 15% stock dividend to shareholders of record on December 30, distributable on January 15. On December 15, the market price of each share was $8: on December 30, $10; and on January 15, 59. Determined that profit before income tax for the year was $488,000. The company has a 25% income tax rate 31 Date Account Titles and Explanation Debit Jan. 15 v Cash Dividends - Common PODCX Dividends Payable (To record declaration of cash dividend.) Jan. 31 No Entry No Entry Feb. 15 Dividends Payable 2000 Cash (To record payment of dividend.) July 1 Memo:3-for-2 stock split increases the number of shares to Dec, 15 Retained Earnings Common Shares (To record declaration of stock dividend.) Dec 30 No Entry No Entry 36600 Dec 31 Income Summary Retained Earnings MY No Entry Dec. 31 Income Summary 36000K Retained Earnings (To close Income Summary.) Retained Earnings Dec 31 Cash (To close dividends to retained earnings.)