WILDHORSE CORPORATION Balance Sheet (partial) December 31, 2020 Shareholders' equity Common shares (unlimited number of shares authorized, 90,000 issued) Retained earnings Total shareholders' equity $1,190,000 520,000 $1,710,000 During the year, the following transactions occurred: Jan. July Dec. 15 1 15 Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15. Announced a 3-for-2 stock split. The market price per share on the date of the announcement was $12. Declared a 15% stock dividend to shareholders of record on December 30, distributable on January 15. On December 15, the market price of each share was $8; on December 30, $11; and on January 15, $10. Determined that profit before income tax for the year was $407,000. The company has a 30% income tax rate. 31 (a) Journalize the transactions and closing entries for 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit (To record declaration of cash dividend.)