the last journal entry is (To close cash dividends)

On January 1, 2022, Sheffield Corp. had the following stockholders' equity accounts. Common Stock ($20 par value, 55,200 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,104,000 201,000 622.000 Mar. 1 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. 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 $37. 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 $14 per share. Issued the shares for the stock dividend. Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2023. Determined that net income for the year was $385,000. 31 31 Date Account Titles and Explanation Debit Credit