On January $1,2020,$Sheffield$$SpA had the following equity accounts.

Share Capital$$Ordinary $(25$par value,$54,000$shares issued and outstanding$)1,350,000$

Share Premium$$Ordinary $215,000$

Retained Earnings $610,000$

During the year, the following transactions occurred.

Feb. $1$ Declared a $1$cash dividend per share to shareholders of record on February $15,$ payable March $1.$

Mar. $1$ Paid the dividend declared in February.

Apr. $1$ Announced a $5-$for$-1$ share split. Prior to the split, the market price per share was $38.$

July $1$ Declared a$10\%$ share dividend to shareholders of record on July $15,$ distributable July $31.$ On July $1,$ the market price was $7$per share.

$31$ Issued the shares for the share dividend.

Dec. $1$ Declared a $0\mathrm{.}40$per share dividend to shareholders of record on December $15,$ payable January $5,2021.$

$31$ Determined that net income for the year was $346,000$

$1)$Journalize the transactions and the closing entries for net income and dividends

$2)$Enter the beginning balances, and post the entries to the equity accounts.

$3)$Prepare an equity section at December $31.$