On January 1, 2020, Sunshine International Inc.s contributed capital consisted of common shares (1,000,000 shares authorized, 700,000 shares issued), and $3.00, cumulative preferred shares (100,000 shares authorized, 60,000 shares issued). There were no dividends in arrears pertaining to the preferred shares. During 2020, Sunshine International Inc. completed the following transactions:

June 30	Declared a cash dividend of $300,000. The date of record was July 15, and the payment date was July 31.
July. 31	Paid the cash dividends.
September 15	Discovered an accounting error pertaining to $70,000 (before tax) of employee vacation pay for the 2019 fiscal year that had not been accrued at the end of 2019. Sunshine has a corporate income rate of 20%.
November 1	Declared a 5% stock dividend on common shares. The market value of the common shares at the time was $11.00 per share. The record date was November 15, with the distribution set for December 1.
December 1	Issued the stock dividend shares.
December 31	Reported $750,000 of net after-tax profit for the year.

Journalize the transactions noted above and any year-end closing entries that are required. Please date your journal entries but explanations are not required.

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