On January 1, 2022, Oriole Inc. had the following stockholders' equity balances. Common Stock (485,000 shares issued) $970,000 Paid-in Capital in Excess of Par-Common Stock 580,000 Common Stock Dividends Distributable 230,000 Retained Earnings 560,000 During 2022, the following transactions and events occurred 1. 2 3. Issued 115,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2023 Issued 57,500 shares of common stock for cash at $4 per share. Purchased 22.000 shares of common stock for the treasury at $5 per share. Declared and paid a cash dividend of $112.000 Sold 8,000 shares of treasury stock for cash at $5 per share. Earned net income of $365,000 4. 5. 6. Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit SER O 4. IC ctv BIA