Problen Prepared Mar. 1 P14.1 (L01, 2, 3) On January 1, 2020, Prasad SpA had the following equity accounts Share Capital-Ordinary (25 par value, 48,000 shares issued and Daring the year, the following transactions occurred. outstanding) Share Premium-Ordinary 1,200,000 Retained Earnings 200.000 600,000 Feb. Declared a 1 cash dividend per share to shareholders of record on February 15, mayable March 1. Paid the dividend declared in February. Apt. 1 Announced a 5-for-1 share split. Prior to the split, the market price per share was 36. July 1 Declared a 10 are dividend to shareholders of record on July 15, distributable July 31 On July 1, the price was 7 per share. 31 Issued the share the share dividend. Dec 31 Declared a 0.50 per share dividend to shareholders of record on December 15. payable January 5, 2021 31 Determined that net income for the year was 350,000. Instructions a. Journalize the transactions and the closing entries for net income and dividends. b. Enter the beginning balances, and post the entries to the equity accounts. (Note: Open additional equity accounts as needed.) c. Prepare an equity section at December 31