Please fix the section in red for retained earnings

On December 31, 2023, Sunland Corporation, a public company, had the following shareholders' equity accounts: During the year, the following transactions occurred: Jan. 15 Declared a \$1 per share cash dividend to shareholders of record on January 31, payable February 15. July 1 Announced a 2-for-1 stock split. The market price per share on the date of the announcement was \$12. Dec. 15 Declared a 10\% stock dividend to shareholders of record on December 30, distributable on January 15. On December 15 , the market price of each share was $6; on December 30,$7; and on January 15,$6. 31 Determined that profit before income tax for the year was $410,000. The company has a 30% income tax rate. Journalize the transactions for 2024 and closing entries for 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Dec. 30 No Entry No Entry (Stock dividend record date) Dec. 31 Income Summary Retained Earnings (To close Income Summary) Dec. 31 Retained Earnings Cash Dividends - Common Stock Dividends (To close dividends to retained earnings) Enter the beginning balances from the December 31,2023, partial balance sheet. Post the entries in part (a) to the shareholc equity accounts. On December 31, 2023, Sunland Corporation, a public company, had the following shareholders' equity accounts: During the year, the following transactions occurred: Jan. 15 Declared a \$1 per share cash dividend to shareholders of record on January 31, payable February 15. July 1 Announced a 2-for-1 stock split. The market price per share on the date of the announcement was \$12. Dec. 15 Declared a 10\% stock dividend to shareholders of record on December 30, distributable on January 15. On December 15 , the market price of each share was $6; on December 30,$7; and on January 15,$6. 31 Determined that profit before income tax for the year was $410,000. The company has a 30% income tax rate. Journalize the transactions for 2024 and closing entries for 2024. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Dec. 30 No Entry No Entry (Stock dividend record date) Dec. 31 Income Summary Retained Earnings (To close Income Summary) Dec. 31 Retained Earnings Cash Dividends - Common Stock Dividends (To close dividends to retained earnings) Enter the beginning balances from the December 31,2023, partial balance sheet. Post the entries in part (a) to the shareholc equity accounts