Problem 14-01A a-c (Video) On January 1, 2020, Sheridan Corporation had the following stockholders' equity accounts. Common Stock ($22 par value, 53,500 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,177,000 191,000 631,000 During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $38. Assignment pageida Declared 10 W COR uidend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. Issued the shares for the stock dividend. Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2021. Determined that net income for the year was $367,500. 31 Dec. 1 31 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.) Debit Credit Date Feb. 1 Account Titles and Explanation cash Dividends 160500.00 Dividends Payable | 160500.00 Dividends Payable | Cash || 160500.00 No Entry No Entry July 1 Stock Dividends Common Stock Dividends Distributable 117700.00 Paid-in Capital in Excess of Par-Common Stock 42800.00 July Common Stock Dividends Distributable 00.00 Common Stock 17700.00 Dec. 1 Cash Dividends | Dividends Payable 35310.00 Dec. 31 Income Summary 367500.00 Retained Earnings 367500.00 (To close net income) Dec. 31 Retained Earnings 60500.00 160500.00 T Stock Dividends (To close stock dividends) Dec. 31 Retained Earnings 195810.00 Cash Dividends 195810.00 (To close cash dividends)