The stockholders equity accounts of Karp Company at January 1, 2014, are as follows.

Preferred Stock, 6%, $50 par		$580,000
Common Stock, $7 par		1,085,000
Paid-in Capital in Excess of ParPreferred Stock		190,100
Paid-in Capital in Excess of ParCommon Stock		307,100
Retained Earnings		756,900

There were no dividends in arrears on preferred stock. During 2014, the company had the following transactions and events.

July 1		Declared a $0.90 cash dividend per share on common stock.
Aug. 1		Discovered $26,000 understatement of 2013 depreciation on equipment. (Ignore income taxes.)
Sept. 1		Paid the cash dividend declared on July 1.
Dec. 1		Declared a 14% stock dividend on common stock when the market price of the stock was $18 per share.
15		Declared a 6% cash dividend on preferred stock payable January 15, 2015.
31		Determined that net income for the year was $368,300.
31		Recognized a $205,100 restriction of retained earnings for plant expansion. A.)Journalize the transactions, events, and closing entries for net income and dividends. To Close Net Income. To Close Cash Dividends. To Close Stock Dividends.