On January 1, 2017, xyzi 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 ParCommon Stock 200,000 Retained Earnings 450,000

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. Mar. 1 Issued 10,000 shares of common stock at $12 per share.

Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the

market price of the stock was $13 per share. May 15 Issued the shares for the stock dividend. June 20 Purchased 2,000 shares of its $10 par common stock at $15 per share.

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 Jan.5, 2018. Dec. 31 Determined that net income for the year was $200,000.

Instructions: Journalize the transactions and closing entries for net income and dividends. Note: Write clearly and use complete account names [do not abbreviate].

please explain july 1 "what note is in"