On December 31, 2020, Wildhorse Corporation had the following shareholders' equity accounts WILDHORSE CORPORATION Balance Sheet (partial) December 31, 2020 Shareholders' equity Common shares (unlimited number of shares authorized, 90,000 issued) Retained earnings Total shareholders' equity $1,190,000 520,000 $1,710,000 During the year, the following transactions occurred: Jan. 15 Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15. July 1 Announced a 3-for-2 stock split. The market price per share on the date of the announcement was $12. Dec. 15 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, $11; and on January 15, $10. 31 Determined that profit before income tax for the year was $407,000. The company has a 30% income tax rate. (To record declaration of cash dividend.) (To record payment of dividend.) July 1 Memo: 3-for-2 stock split increases the number of shares to (To record declaration of stock dividend.) (To record declaration of stock dividend.) (To close Income Summary.) (To close dividends to retained earnings.) Date Explanation Rel. Common Shares Debit One Jar. 1 Balance Date Explanation Ref. Stock Dividends Distributable Debit Credit Balance Dec 15 J1 Cash Dividends Common Debit Credit Date Explanation Ref. Jan. 15 J1 Balance Dec 31 Closing entry J1 Date Explanation Ref. Stock Dividends Debit Credit Balance Dec. 15 J1 Dec 31 Closing entry J1 Retained Earnings Debit Credit Balance Date Explanation Ref. Jan. 1 Balance V Dec. 31 Closing entry J1 Dec 31 Closing entry J1 Prepare the shareholders' equity section of the balance sheet at December 31, 2021. WILDHORSE CORPORATION Partial Balance Sheet $ V $