Problem 3 (26%) South Corporation Capital stock consisted of the following on January 1, 2018: Common stock. $2 par value. 200.000 shares issued and outstanding. Instructions: Prepare the appropriate journal entries for the following transactions in 2018. 2/18 The Board of Directors declared a cash dividend on common stock of $2 per share, payable on March 15, to stockholders of record on February 28. 3/15 Paid the cash dividend to common stockholders. 4/30 The Board of Directors declared and issued immediately a 2:1 stock split on all the common shares. (Prepare a note showing the number of shares and their par value after the split.) 5/20 Declared a 5% stock dividend on the common stock, payable on June 15, to stockholders of record on May 31. The market value of North Corporation's common stock was $10 per share. 6/15 Distributed stock dividend to common stockholders. 12/31 Determined net income for the year was $150,000. (prepare all necessary closing entries)