On January 1, 2022, Whispering Winds Corp. had the following stockholders' equity accounts. $1,088,000 Common Stock ($20 par value, 54,400 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings 202,000 644,000 During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $39. 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 $315,000. 31 Dec. 1 31 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 amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 1 Dividends 54400 Dividends Payable 54400 Mar. 1 Dividends Payable 54400 Cash 54400 Apr. 1 No Entry No Entry 0 July 1 Stock Dividends 1600 27200 Common Stock Dividends Distributable 108800 July 31 Common Stock Dividends Distributable 1088000 Common Stock 1088000 Dec. 1 Dividends 29920 Dividends Payable 29920 Dec. 1 : Dividends 29920 Dividends Payable 29920 Dec. 31 Income Summary 315000 Retained Earnings 315000 (To close net income) Dec. 31 : Retained Earnings Dividends ILM (To close stock dividends) Dec. 31 Stock Dividends (To close cash dividends)