On December 31, 2023, Wildhorse Corporation, a public company, had the following shareholders' equity accounts: Shareholders'...

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On December 31, 2023, Wildhorse Corporation, a public company, had the following shareholders' equity accounts: Shareholders' equity WILDHORSE CORPORATION Balance Sheet (partial) December 31, 2023 Common shares (unlimited number of shares authorized, 94,000 issued) Retained earnings Total shareholders' equity $1,028,000 560,000 $1,588,000 During the year, the following transactions occurred: 1 Jan 15 July Dec. 15 31 Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15. Announced a 2-for-1 stock split. The market price per share on the date of the announcement was $18. Declared a 10% stock dividend to shareholders of record on December 30, distributable on January 15. On December 15, the market price of each share was 59: on December 30, $10 and on January 15, 59.. Determined that prot before income tax for the year was $433,000. The company has a 30% income tax rate. a) Journalize the transactions and closing entries for 2024. (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 O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries) Date Account Titles and Explanation Jan 15 Cash Dividends Common Debit Credit 54000 Jan. 15 Feb. 15 > Cash Dividends-Common Dividends Payable Dividends Payable Cash July 1 No Entry No Entry Dec. 15-> Stock Dividends Stock Dividends Distributable Dec. 31 Income Tax Expense Dec. 31 Dec. 31- Income Tax Payable Dic. 31 v (To close Income Summary) 94000 94000 94000 84600 129900 94000 84600 129900 On December 31, 2023, Wildhorse Corporation, a public company, had the following shareholders' equity accounts: Shareholders' equity WILDHORSE CORPORATION Balance Sheet (partial) December 31, 2023 Common shares (unlimited number of shares authorized, 94,000 issued) Retained earnings Total shareholders' equity $1,028,000 560,000 $1,588,000 During the year, the following transactions occurred: 1 Jan 15 July Dec. 15 31 Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15. Announced a 2-for-1 stock split. The market price per share on the date of the announcement was $18. Declared a 10% stock dividend to shareholders of record on December 30, distributable on January 15. On December 15, the market price of each share was 59: on December 30, $10 and on January 15, 59.. Determined that prot before income tax for the year was $433,000. The company has a 30% income tax rate. a) Journalize the transactions and closing entries for 2024. (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 O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries) Date Account Titles and Explanation Jan 15 Cash Dividends Common Debit Credit 54000 Jan. 15 Feb. 15 > Cash Dividends-Common Dividends Payable Dividends Payable Cash July 1 No Entry No Entry Dec. 15-> Stock Dividends Stock Dividends Distributable Dec. 31 Income Tax Expense Dec. 31 Dec. 31- Income Tax Payable Dic. 31 v (To close Income Summary) 94000 94000 94000 84600 129900 94000 84600 129900