On January 1, 2022, Swifty Corporation had the following stockholders' equity accounts. $1,192,000 Common Stock ($20 par value, 59,600 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock 191,000 Retained Earnings 610,000 During the year, the following transactions occurred. Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. Mar. 1 Apr. 1 July 1 Announced a 2-for-1 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 $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2023. Determined that net income for the year was $360,000. 31 Dec. 1 31 Date Account Titles and Explanation Debit Credit Feb. 1 Cash Dividends 59600 Dividends Payable Mar. 1 Dividends Payable 59600 Cash Apr. 1 No Entry No Entry July 1 Stock Dividends 178800 Common Stock Dividends Distributable Paid-in Capital in Excess of Par-Common Stock July 31 Common Stock Dividends Distributable 119200 Common Stock Dec. 1 Cash Dividends 65560 Dividends Payable Dec. 31 Income Summary 360000 Retained Earnings (To close net income) Dec. 31 Retained Earnings 178800 Stock Dividends (To close stock dividends) Dec. 31 Retained Earnings 125160 Cash Dividends (To close cash dividends) Account Titles and Explanation Debit Credit Cash Dividends 59600 Dividends Payable 59600 Dividends Payable 59600 Cash 59600 No Entry No Entry i Stock Dividends 178800 Common Stock Dividends Distributable 119200 Paid-in Capital in Excess of Par-Common Stock 59600 Common Stock Dividends Distributable 119200 Common Stock 119200 Common Stock Jan. 1 Bal. V 1192000