On January 1,2022, Sandhill Corporation had the following stockholders' equity accounts. 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 $38. 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 $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $318,500. Date Account Titles and Explanation Debit Credit Feb. 1 Cash Dividends 192000 Dividends Payable 192000 Mar, 1 Dividends Payable 64000 Cash 64000 Apr. 1 No Entry 0 No Entry 0 July 1 Stock Dividends 192000 Common Stock Dividends Distributable Paid-in Capital in Excess of Par-Common Stock July 31 Common Stock Dividends Distributable Common Stock Dec. 1 Cash Dividends Dividends Payable July 31 Income Summary Retained Earnings (To close net income) Dec. 31 Retained Earnings Stock Dividends (To close stock dividends) Dec. 31 * Retained Earnings Cash Dividends (To close cash dividends)