The stockholders' equity accounts of Cyrus Corporation on January $1,2025,$ were as follows. $($To close Cash Dividends to Retained Earnings$)$

$($To record payment of cash dividends payable$)$ Journalize the transactions. $($Include entries to close net income and dividends to Retained Earnings.$)($Record entries in the order

displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no

entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

Credit

Cash

Common Stock

Paid$-$in Capital in Excess of Stated Value$-$Common Stock

Treasury Stock

$\backslash$table$[[$Ict$.1,$vv$,$ Cash Dividends,$],[,$Dividends Payable$]]$

Dividends Payable

Cash

$$

Cash Dividends

Dividends Payable

Income Summary

Retained Earnings

$($To close Income Summary and transfer net income to

Retained Earnings$)$

During $2025,$ the corporation had the following transactions and events pertaining to its stockholders' equity.

Feb. $1$ Issued $5,000$ shares of common stock for $$30,000.$

Mar. $20$ Purchased $1,000$ additional shares of common treasury stock at $$7$ per share.

Oct. $1$ Declared a $7\%$ cash dividend on preferred stock, payable November $1.$

Nov. $1$ Paid the dividend declared on October $1.$

Dec. $1$ Declared a $$0\mathrm{.}50$ per share cash dividend to common stockholders of record on December $15,$ payable December $31,2$

Dec. $31$ Determined that net income for the year was $$280,000.$ Paid the dividend declared on December $1.$