Can you explain every single step please

Chapter 14 -Corporation: Dividends On-line Homework The stockholders' equity accounts of Karp Company at January 1, 2020, are as follows: transactions and events. July I Declared a \$1 cash dividend per share on common stock. Sept. Paid the cash dividend declared on July 1. Oct I Reissued the treasury stock for $100,000 Dec. I Declared and issued a 10% stock dividend on common stock when the market price of the stock was $15 per share. 15 Declared a 6% cash dividend on preferred stock payable January 15,2021. 31 Determined that net income for the year was $350,000. Closed income summary. Closed the dividends accounts. (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.)