On January 1, 2020, Sheridan Corporation had the following stockholders' equity accounts.

Common Stock ($22par value,60,500 shares issued and outstanding)$1,331,000Paid-in Capital in Excess of ParCommon Stock197,000Retained Earnings556,000

During the year, the following transactions occurred.

Feb.1Declared a$1cash dividend per share to stockholders of record on February 15, payable March 1.Mar.1Paid the dividend declared in February.Apr.1Announced a 2-for-1 stock split. Prior to the split, the market price per share was$39.July1Declared a10%stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was$14per share.31Issued the shares for the stock dividend.Dec.1Declared a$0.40per share dividend to stockholders of record on December 15, payable January 5, 2021.31Determined that net income for the year was$354,000.

Journalize the transactions and the closing entries for net income and dividends

Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note:Open additional stockholders' equity accounts as needed.)

Complete a stockholders' equity section at December 31.