Question 1 View Policies Show Attempt History Current Attempt in Progress On January 1, 2020, 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-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, 2021. Dec. 31 Determined that net income for the year was $225,000. Journalize the transactions and the closing entries for net income and dividends. (Record journal entries in the order presented in the problem. Credit account tid entry is required, select "No Entry"for the account titles and enter for the amounts.) Debit Credit Date Jan. 15 Account Titles and Explanation Cash Dividends 86130 Dividends Payable Feb. 15 Dividends Payable Cash 86130 Apr. 15 Stock Dividends Common Stock Dividends Distributable 39150 Pald-in Capital In Excess of Par-Common Stock 23490 May 15 Common Stock Dividends Distributable Common Stock No Entry July 1 No Entry Dec2 7 Cash Dividends Dividends Payable Income Summary 86130 Dec. 31 225000 225000 Retained Earnings (To close net income) Retained Earnings Dec 31 1 164430 Cash Dividends Dec. 31 (To close cash dividends) Retained Earnings 62640 Stock Dividends (To close stock dividends)