On January $1,2022,$ Pina Colada Corp. had the following stockholders' equity accounts.

Common Stock $($$$20$ par value, $66,900$ shares issued and outstanding$),$$$1,338,000$

Paid$-$in Capital in Excess of Par$-$Common Stock $,198,000$

Retained Earnings $596,000$

During the year, the following transactions occurred.

Feb. $1$ Declared a $$3$ cash dividend per share to stockholders of record on February $15,$ payable March $1.$

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

Apr. $1$ Announced a $2-$for$-1$ stock split. Prior to the split, the market price per share was $$36.$

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

$31$ Issued the shares for the stock dividend.

Dec. $1$ Declared a $$0\mathrm{.}40$ per share dividend to stockholders of record on December $15,$ payable January $5,2023.$

$31$ Determined that net income for the year was $$305,000.$

$($a$)$

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 account titles and enter $0$ for the amounts.$)$

Date

Account Titles and Explanation

Debit

Credit