On January 1, 2019, Kingbird, Inc. had the following stockholders' equity accounts. Common Stock ($10 par value, 80,300 shares issued and outstanding) $803,000 Paid-in Capital in Excess of Par Value-Common Stock 203,000 Retained Earnings 533,000 During the year, the following transactions occurred. Jan. 15 Declared a $1.10 cash dividend per share to stockholders of record on January 31, Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 5% stock dividend to stockholders of record on April 30, distributable 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 announcer Dec. 1 Declared a $0.50 per share cash dividend to stockholders of record on December 1 Dec 31 Determined that net income for the year was $210,000. Journalize the transactions and the closing entries for net income and dividends. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Date Account Titles and Explanation Cash Dividends 88330 Dividends Payable Dividends Payable 88330 Cash Stock Dividends 64240 Common Stock Dividends Distributable Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable 24090 Common Stock No Entry Type here to search UPORAL Common Stock No Entry No Entry Cash Dividends 84315 Dividends Payable Income Summary 168630 Retained Earnings (To close cash dividends) Retained Earnings 168630 Stock Dividends (To close stock dividends) Cash Dividends 168630 Retained Earnings Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders entries in the order of journal entries presented in the previous question.) Common Stock Date Explanation Ref. Debit Credit Balance Jan. 1 Balance May 15 - Common Stock Dividends Distributable Date Explanation Ref. Debit Credit Balance Paid-in Capital in Excess of Par Value-Common Stock Date Explanation Ref. Debit Credit Balance Balance Retained Earnings Date Explanation Ref. Debit Credit Balance Retained Earnings Date Explanation Ref. Debit Credit Balance Balance Cash dividends Stock dividends Net income Cash Dividends Date Explanation Ref. Debit Credit Balance Stock Dividends Date Explanation Ref. Debit Credit Balance e Textbook and Media