On January 1, 2017, Glow Corporation had the following stockholders equity accounts. Common Stock ($10 par value, 100,000 shares issued and outstanding) $1,000,000 Paid-in Capital in Excess of Par-Common Stock 200,000 Retained Earnings 540,000 During the year, the following transactions occurred. Jan. 15 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 15% stock dividend to stockholders of record on April 30, distributed May15, On April 15, the market price of the stock was $15 per share. May 15 Issued the shares for the stock dividend. July 1 Announced a 2-for-1 stock split. The market price per share prior to the announcement was $17. Dec. 1 Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2018. Dec. 31 Determined that net income for the year was $250,000. Instructions: Journalize the transactions and the closing entry for net income