On January 1, 2017, Vera Corporation had 60,000 shares of $5 par value common stock issued and outstanding and 10,000 6% cumulative preferred stock issued and outstanding. During the year, the following transactions occurred:

1-Mar, Declared a 15% stock dividend on outstanding common stock. The market price per share as of March 1 is $17.

April 10, The 15% stock dividend declared on March 1 was issued to the common stockholders.

May 10, Declared a 30% stock dividend on outstanding common stock. The market price per share as of May 10 is $15.

30-May, The 30% stock dividend declared on May 10 was issued to the common stockholders. The market price of the shares on that date is $25.

5-Jun, A 2 for 1 stock split was announced for stock holders on record as of July 30. The market price of the share was $45 on June 5.

15-Jun, Declared a cash dividend of $2.00 per share to stockholders of record on July 15.

15-Aug, Paid the $2.00 cash dividend.

1-Sep, Declared a cash dividend to preferred stockholders of record on October 15. 31-Oct, Paid preferred stockholders' dividend declared on September 1.

Instructions

a. Prepare journal entries to record each of the above transactions. If no entry is required, indicate so.

b. Prepare all closing entries at year-end.