Problem 11-8A (Part Level Submission) On January 1, 2017, Novak Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 87,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Eamings 5870,000 483,500 690,000 During the year, the following transactions occurred. Jan. 15 Declared a S0.10 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 10% stock dividend to stockholders of record on April 30. distributable May 15. On April 15, the market price of the stock was 516 per share. May 15 issued the shares for the stock dividend. Dec. 1 Declared a s0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2018. Dec. 31 Determined that net income for the year was 5387,000. Your answer is partially correct. Try again. Journalize the transactions. (Include entries to close net income and dividends to Retained Eamings.) (Record entries in the order displayed in the problem statement. 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.) Debit Credit Date Tien. 15 Account Titles and Explanation Cash Dividends Dividends Payable Treb. 15 10 Dividends Payable 34,800 TCash 34,800 Apr. 15 Stock Dividends | Common Stock Dividends Distributable 87.000 Paid-in Capital in Excess of Par Value-Common St 52,200 May 15 ||Common Stock Dividends Distributable 87,000 Libutable Common Stock 37,000 Dec. 1 Cash Dividends 350 Dividends Payable 47,850 Dec. 31 Income Summary 387,000 Retained Earnings 387,000 (To close net income) Dec. 31 Retained Earnings 9200 Stock Dividends 139200 (To close stock dividends) Dec. 31 Retained Earnings 82650 Cash Dividends 82650 (b Enter the beginning balances and post the entries to the stockholders' equity T-accounts. (Post entries in the order of journal entries posted in the previous part. For accounts that have zero ending balance, the entry should be the balance date and zero for the amount.) Common Stock Retained Earnings Paid-in Capital in Excess of Par Value Cash Dividends Common Stock Dividends Distributable Stock Dividends Click if you would like to Show Work for this question: Open Show Work