On January 1, 2022, Sunland Corporation had the following stockholders' equity accounts. Common Stock ($26 par value, 58,000 shares issued and outstanding) $1,508,000 Paid-in Capital in Excess of Par-Common Stock 199,000 Retained Earnings 553,000 During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 July 11 31 Dec. 1 Announced a 2-for-stock split. Prior to the split, the market price per share was $37. 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. Issued the shares for the stock dividend. Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2023, 31 Determined that net income for the year was $396,500. Your awer is partially convect Journalze the transaction and the closing entries for net income and dividends (Credit account titles are stematically indented when amount is entered. Do not indent manually. If no entry is required select "Na Entry for the account titles and enter O fer the amounts, Record journal entries in the order presented in the problem) Date Account Titles and Explanation A t Oudend Pay O C Debit 11400 1000 Credit 21200 Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (Post entries previous part.) Common Stock Date Explanation Ref Debit Credit Balance Balance Common Stock Dividends Distributable Date Explanation Ref Debit Credit Balance Paid-in Capital in Excess of Par-Common Stock Date Explanation Ref Debit Credit Balance Balance V Retained Earnings Date Explanation Ref Debit Credit Balance Balance V Retained Earnings Date Explanation Ref Debit Credit Balance Balance Net income Stock dividend Cash dividend Cash Dividends Date Explanation Ref Debit Credit Balance Feb. 1 Stock Dividends Date Explanation Ref Debit Credit Balance eTextbook and Media