Part 1: Journalize the following transactions.

Jan. 15 Declared cash dividend of $1 per share. 70,000 shares currently issued.

Feb 15 The dividend declared on Jan. 15 was paid April 15 Stock dividend of $13/share declared on 7,000 common shares.

May 15 - Stock dividend declared on April 15th was paid. July 1 Memo issued: 2-for-1 stock split announced

Dec. 1 Cash dividend of $0.50/share declared on all issued shares.

December 31st Prepare closing entries. Revenue was $1 million and expenses $750,000