On January 1, 2018, RTO ltd. had a balance of $900,000 in Common Stock account ($10 par value, 90,000 shares issued and outstanding). During the year, the following transactions occurred. Mar. 12: Announced a 2-for-1 stock split. Apr. 9: Declared a $0.70 per share dividend to stockholders of record on April 16, payable May 2, 2018. May 2: Paid the dividend declared in April. June 3: Declared a 10% stock dividend to stockholders of record on June 18, distributable July 3. On June 3, the market price of the stock was $25 per share. July 3: Issued the shares for the stock dividend. Dec. 31: Determined that net income for the year was $280,000. Required: Journalize the transactions and the closing entries for net income and dividends. Federal income tax table MARRIED Persons - WEEKLY Payroll Period (For Wages Paid through December 2017) And the number of withholding allowances claimed is - 3 If the wages are But less At least than 0 1 8 9 10 510 520 500 510 520 530 540 2 5 6 7 The amount of income tax to be withheld is 19 11 4 0 20 12 5 21 13 22 14 23 15 8 530 CON 00 OO000 540 550 1 2 550 560 570 580 590 560 570 580 590 600 9 10 11 12 13 OOOOO OOOOO 89888 88886 588982 99%! %88%B5%85 88988 88988 888 888 610 620 CON 600 610 620 630 640 630 14 15 16 17 18 NOO OOOOO 640 650 42 44 9 10 OOOOO 650 660 670 680 690 660 670 680 690 700 26 27 28 29 30 19 20 21 22 23 11 12 13 14 15 45678| OOOOO