On January 15, the board of directors decleated a cash dividend of 15,000, payable to common shareholders of record as of January 19th and paid on January 31st. No other dividends were decleared during the hear. at year-end on december 31, 65000 in net income had been earned.

prepare the required journal entries

1) associated with the cash dividend, and 2) to close Income Summary AND any related Cash Dividend accounts (if applicable). NOTE: IF no entry is required for a particular date, record the date and write "No Entry". Date Account Titles and Explanation PR Debit Jan 15 19 3 31 Dec 31 3 31