On January $1,2022,$ Sheridan Corporation had the following stockholders' equity accounts. Journalize the transactions and the closing entries for net income and dividends. $($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. Record journal entries in the order presented in the problem.$)$

Date

Account Titles and Explanation

Debit

Credit

Dividends Payable

Common Stock DMdends Dlstrlbutable

Common Stock Dividends Distributable

Dlvidends Payable

July $31$

Dec $1$

Dec $31$

Retalned Earnings

Common Stock Dlydends Dlstrlbutable

Pald$-$In Capital in Excess of Par$-$Common Stock

Common Stock Dlvidends Distributable

Common Stock

Dividends Payable

Retalned Earnings

Income Summary

Retalned Earnings

$($To close net income$)$

Income Summary

$[$

$($To close stock dividends$)$

$($To close cash dividends$)$

$($To close cash dividends$)$

Common Stock $(22$ par value, $60,500$ shares issued

and outstanding$)$: $$1,331,000$

Paid$-$in Capital in Excess of Par$-$Common Stock: $$197,000$

Retained Earnings: $$556,000$

During the year, the following transactions occurred.

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

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

April $1-$ Announced a $2-$for$-1$ stock split. Prior to the split, the market price per share was $$39.$

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 $$14$ per share.

July $31-$ Issued the share for the stock dividend

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

Dec $31-$ Determine that net income for the year was $$354,000.$

Journalize the transactions and the closing entries for net income and dividends. $($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. Record journal entries in the order presented in the problem.$)$

Please help with the journalizing the transaction, the previous expert got all these wrong. There are nine journal entries and they only gave me eight. The list of accounts you can choose from are listed below as well:

Accumulated Depreciation

Cash

Cash Dividends

Common Stock

Common Stock Dividends Distributable

Dividends Payable

Income Summary

Income Tax Expense

Income Taxes Payable

Interest Expense

Interest Payable

No entry

Operating Expenses

Paid$-$in capital in Excess of Par$-$Common Stock

Paid$-$in Capital in Excess of Par$-$Preferred Stock

Paid$-$in Capital in Excess of Stated Value$-$Common Stock

Preferred Stock

Retained Earnings

Sales Revenue

Stock Dividends

Treasury Stock