Problem 11-7A (Part Level Submission) On January 1, 2019, Larkspur, Inc. had the following stockholders' equity accounts. Common Stock ($10 par value, 78,300 shares issued and outstanding) $783,000 Paid-in Capital in Excess of Par Value-Common Stock 199,000 Retained Earnings 593,000 During the year, the following transactions occurred. Jan. 15 Declared a $1.10 cash dividend per share to stockholders of record on January 31, payable February 15. Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 5% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $16 per share. May 15 Issued the shares for the stock dividend. July 1 Announced a 2-for-1 stock split. The market price per share prior to the announcement was $14. (The new par value is $5.) Dec. 1 Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2020. Dec. 31 Determined that net income for the year was $225,000. (a) Your answer is partially correct. Try again. Journalize the transactions and the closing entries for net income and dividends. (Record journal entries in the order presented in the problem. 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 o for the amounts.) (a) Your answer is partially correct. Try again. Journalize the transactions and the closing entries for net income and dividends. (Record journal entries in the order presented in the problem. 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 o for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 15 ) Cash Dividends 86130 Dividends Payable 86130 Feb. 15 V Dividends Payable 8613 Cash 86130 Apr. 15 Stock Dividends 2640 Common Stock Dividends Distributable IT IT 39150 23490 Paid-in Capital in Excess of Par-Common Stock May 15 Common Stock Dividends Distributable 39150 Common Stock T 39150 July 1 No Entry No Entry Dec. 1 Cash Dividends 41107.50 Dividends Payable 41107.50 Dec. 31 Income Summary 225000 Retained Earnings 225000 (To close cash dividends) Dec. 31 Retained Earnings 225000 Cash Dividends 225000 (To close stock dividends) Dec. 31 Retained Earnings 25000 Stock Dividends 225000 (To close net income)