The stockholders' equity accounts of Corea Inc., at January 1, 2014, are as follows. There were no dividends in arrears on preferred stock. During 2014, the company had the following transactions and events. July 1 Declared a $0.50 cash dividend on common stock. Sept. 1 Paid the cash dividend declared on July 1. Dec. 1 Declared a 10% stock dividend on common stock when the market price of the stock was $16 per share. 15 Declared a 7% cash dividend on preferred stock payable January 31, 2015. 31 Determined that net income for the year was $350,000. Instructions (a) Journalize the transactions and the closing entry for net income