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

Common Stock ($22 par value, 54,000 shares issued and outstanding)		$1,188,000
Paid-in Capital in Excess of ParCommon Stock		199,000
Retained Earnings		626,000

During the year, the following transactions occurred.

Feb. 1		Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1.
Mar. 1		Paid the dividend declared in February.
Apr. 1		Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35.
July 1		Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share.
31		Issued the shares for the stock dividend.
Dec. 1		Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2021.
31		Determined that net income for the year was $321,500.

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

2. Enter the beginning balances, and post the entries to the stockholders equity accounts.

3. Prepare a stockholders equity section at December 31.