The stockholders' equity accounts of Nipon Company at January 1, 2019, are as follows. Preferred Stock, 6%, $50 par Common Stock, $5 par $800,000 1,200,000 Paid-in Capital in Excess of Par-Preferred Stock 250,000 Paid-in Capital in Excess of Par-Common Stock 425,000 Retained Earnings 875,000 There were no dividends in arrears on preferred stock. During 2019, the company had the following transactions and events. July 1 Declared a $0.60 cash dividend per share on common stock. Sept. 1 Paid the cash dividend declared on July 1. Dec. 1 Declared a 15% stock dividend on common stock when the market price of the stock was $18 per share. Dec. 15 Declared a 6% cash dividend on preferred stock payable January 15, 2020. Dec. 31 Determined that net income for the year was $355,000. Instructions (a) Journalize the transactions, events, and closing entries for net income and dividends. (b) Enter the beginning balances in the accounts, and post to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (c) Prepare a retained earnings statement for the year. (d) Prepare a stockholders' equity section at December 31, 2019