On January 1, 2017, Corporation had the following stockholders equity accounts.

Common Stock ($20par value,60,000 shares issued and outstanding)$1,200,000Paid-in Capital in Excess of ParCommon Stock200,000Retained Earnings600,000

During the year, the following transactions occurred.

Feb.1 Declared a$1cash 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.

July1 Declared a10%stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was$13per share.

31 Issued the shares for the stock dividend.

Dec.1 Declared a$0.50per share dividend to stockholders of record on December 15, payable January 5, 2018.

31 Determined that net income for the year was$350,000.

Journalize the transactions and the closing entries for net income and dividends.