On January 1, 2020, Whispering Winds Corp. had the following stockholders' equity accounts.

a) 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 0 for the amounts.)

On January 1, 2020, Whispering Winds Corp. had the following stockholders' equity accounts. Common Stock ($10 par value, 81,600 shares issued and outstanding) $816,000 Paid-in Capital in Excess of Par-Common Stock 188,000 Retained Earnings 545,000 During the year, the following transactions occurred Declared a $1.00 cash dividend per share to stockholders of record on January 31, payable February 15. Jan. 15 Feb. 15 Paid the dividend declared in January 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 $15 per share. Apr. 15 Issued the shares for the stock dividend. May 15 Announced a 2-for-1 stock split. The market price per share prior to the announcement was $15. (The new par value is $5.) July 1 Declared a $0.70 per share cash dividend to stockholders of record on December 15, payable January 10, 2021 Dec. 1 Determined that net income for the year was $260,000 Dec. 31 (a) 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 0 for the amounts.) (To close net income) (To close cash dividends) (To close stock dividends)