Problem 11-4A (Part Level Submission) On January 1, 2019, Tamarisk, Inc. had the following stockholders' equity accounts. Common Stock ($24 par value, 61,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,464,000 191,000 619,000 During the year, the following transactions occurred Feb. 1 Declared a $1 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 $40 July 1 Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31, On July 1, the market price of the stock was $14 per share 31 Issued the shares for the stock dividend Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2020. Determined that net income for the year was $365,500 31 Your answer is correct. Journalize the transactions and the closing entries for net income and dividends. (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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Date Account Titles and Explanation Debit Credit Feb. 1 Cash Dividends 61000 Dividends Payable 61000 Mar. 1 |Dividends Payable 61000 Cash 61000 Apr. 1 No Entry No Entry Stock Dividends July 1 256200 Common Stock Dividends Distributable 219600 Paid-in Capital in Excess of Par-Common Stock 36600 July 31 Common Stock Dividends Distributable 219600 Common Stock 219600 Dec. 1 Cash Dividends 56120 Dec. 1Cash Dividends 56120 Dividends Payable 56120 | Dec. 31: | |Income Summary 365500 Retained Earnings To close net income) |Retained Earnings 365500 Dec. 31 256200 Stock Dividends 256200 (To close stock dividends) Dec. 31 | | etained Earnings 117120 Cash Dividends 117120 To close cash dividends) Enter the beginning balances, and post the entries to the stockholders equity accounts.(Use T-accounts.) (Post entries in the order of journal entries presented in the previous part. Select the date for closing balances even in case of zero balance.) Common Stock Retained Earning Paid-in Capital in Excess of Par Value-Common Common Stock Dividends Distributable Common Stock Dividends Distributable Cash Dividends Stock Dividends