On January 1, 2020, Sheridan SpA had the following equity accounts. Share Capital-Ordinary (25 par value,...

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On January 1, 2020, Sheridan SpA had the following equity accounts. Share Capital-Ordinary (€25 par value, 49,000 shares issued and outstanding) Share Premium-Ordinary Retained Earnings During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 31 Dec. 1 31 €1,225,000 245,000 655,000 Declared a €1 cash dividend per share to shareholders of record on February 15, payable March 1. Paid the dividend declared in February. Announced a 5-for-1 share split. Prior to the split, the market price per share was €36. Declared a 10% share dividend to shareholders of record on July 15, distributable July 31. On July 1, the market price was €7 per share. Issued the shares for the share dividend. Declared a €0.40 per share dividend to shareholders of record on December 15, payable January 5, 2021. Determined that net income for the year was €354,000. Journalize the transactions and the closing entries for net income and dividends. (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.) Date Feb. 1 Mar. 1 Apr. 1 July 1 Account Titles and Explanation Cash Dividends Dividends Payable Dividends Payable cash Retained Earnings Ordinary Share Dividends Distributable Retained Earnings Share Dividends Share Premium-Ordinary Debit 49000 49000 Credit 49000 49000 July 31 Dec. 1 Dec. 31 (To close net income) (To close share dividends) (To close cash dividends) On January 1, 2020, Sheridan SpA had the following equity accounts. Share Capital-Ordinary (€25 par value, 49,000 shares issued and outstanding) Share Premium-Ordinary Retained Earnings During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 31 Dec. 1 31 €1,225,000 245,000 655,000 Declared a €1 cash dividend per share to shareholders of record on February 15, payable March 1. Paid the dividend declared in February. Announced a 5-for-1 share split. Prior to the split, the market price per share was €36. Declared a 10% share dividend to shareholders of record on July 15, distributable July 31. On July 1, the market price was €7 per share. Issued the shares for the share dividend. Declared a €0.40 per share dividend to shareholders of record on December 15, payable January 5, 2021. Determined that net income for the year was €354,000. Journalize the transactions and the closing entries for net income and dividends. (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.) Date Feb. 1 Mar. 1 Apr. 1 July 1 Account Titles and Explanation Cash Dividends Dividends Payable Dividends Payable cash Retained Earnings Ordinary Share Dividends Distributable Retained Earnings Share Dividends Share Premium-Ordinary Debit 49000 49000 Credit 49000 49000 July 31 Dec. 1 Dec. 31 (To close net income) (To close share dividends) (To close cash dividends)

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Date Feb 1 Mar 1 Apr 1 Jul 1 Jul 31 Dec 1 Dec 31 Dec 31 Dec 31 Cash Accounts Tit... View the full answer