Retained Earnings \begin{tabular}{|c|c|c|c|c|c|} \hline Date & Explanation & Ref & Debit & Credit & Balance \\ \hline^ & Balance & & & & \\ \hline & Net income & & & & \\ \hline^ & Stock dividend & & & & \\ \hline & Cash dividend & & & & \\ \hline \end{tabular} Stock Dividends Date Explanation Ref Debit Credit Balance eTextbook and Media List of Accounts On January 1, 2022, Sandhill Corporation had the following stockholders' equity accounts. During the year, the following transactions occurred. Feb. 1 Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2 -for-1 stock split. Prior to the split, the market price per share was $38. July 1 Declared a 10% stock dividend to stockholders of record on July 15 , distributable July 31 . On July 1 , the market price of the stock was $15 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a \$0.50 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $318,500. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{ Sandhill Corporations } \\ \hline \multicolumn{4}{|c|}{ Journal Entries along with explanations } \\ \hline Date & Account Title and Explanation & Debit & Credit \\ \hline \multirow{3}{*}{ Feb.01 } & Cash Dividend & 192000 & \\ \hline & Dividend Payable & & 192000 \\ \hline & \multicolumn{3}{|c|}{ Dividend Payable =64000 shares 3 per share =192000 ) } \\ \hline \multirow{2}{*}{ Mar. 01} & Dividend Payable & 192000 & \\ \hline & Cash & & 192000 \\ \hline \multirow{3}{*}{ Apr. 01} & No Entry & 0 & \\ \hline & No Entry & & 0 \\ \hline & \begin{tabular}{|l} (There is no entry for Announcing Stock Split) \\ \end{tabular} & & \\ \hline \multirow{4}{*}{ July. 01} & Stock Dividend & 192000 & \\ \hline & Common Stock Dividends Distributable & & 153600 \\ \hline & Paid-in Capital in excess of Par - Common Stock & & 38400 \\ \hline & \begin{tabular}{l} (Stock Dividend = 15 per share * 640002 shares \\ hare prior to split now it become 12 per share).N \end{tabular} & \begin{tabular}{l} 192000)( Par va \\ of share issued \end{tabular} & \begin{tabular}{l} e of share is 24 pers \\ 192000/15=12800 \end{tabular} \\ \hline \multirow{2}{*}{ July. 31} & Common Stock Dividends Distributable & 153600 & \\ \hline & Common Stock & & 153600 \\ \hline \multirow{3}{*}{ Dec. 01} & Cash Dividend & 70400 & \\ \hline & Dividend Payable & & 70400 \\ \hline & (Dividend =(128000+12800) sha & 0.50 per shares = & 4001 \\ \hline \multirow{3}{*}{ Dec. 31} & Income Summary & 318500 & \\ \hline & Retained Earnings & & 318500 \\ \hline & (To close ne & me)1 & \\ \hline \multirow{3}{*}{.31} & Retained Earnings & 192000 & \\ \hline & Stock Dividend & & 192000 \\ \hline & (To close sto & idend) & \\ \hline \multirow{3}{*}{ Dec. 31} & Retained Earnings & 262400 & \\ \hline & Cash Dividend & & 262400 \\ \hline & (To close Cash Divid & 92000+70400)1 & \\ \hline \end{tabular}