On December 31, 2020. Sunland Corporation had the following shareholders' equity accounts: SUNLAND CORPORATION Balance Sheet (partial) December 31, 2020 Shareholders' equity Common shares (unlimited number of shares authorized, 90,000 issued) Retained earnings Total shareholders' equity $1.080,000 530,000 $1,610,000 15 During the year, the following transactions occurred: Jan. Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15. July Announced a 2-for-1 stock split. The market price per share on the date of the announcement was $12. Dec. Declared a 10% stock dividend to shareholders of record on December 30, distributable on January 15. On December 15, the market price of each share was $6; on December 30, 97; and on January 15, $6. Determined that profit before income tax for the year was $458,000. The company has a 30% income tax rate. 1 15 31 Journalize the transactions and closing entries for 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit (To record declaration of cash dividend.) > (To record payment of dividend.) July 1 Memo: 2-for-1 stock split increases the number of shares to (To record declaration of stock dividend.) (To close Income Summary.) (To close dividends to retained earnings.) Journalize the transactions and closing entries for 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) s and Explanation Debit Credit aration of cash dividend.) ment of dividend.) stock split increases the number of shares to aration of he Summary) ends to