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Problem 11-7A (Part Level Submission) On January 1, 2019, Sheffield Corp. had the following stockholders' equity accounts Common Stock ($12 par value, 81,300 shares issued and outstanding) $975,600 Paid-in Capital in Excess of Par Value-Common Stock Retained Earnings 188,000 503,000 During the year, the following transactions occurred. an. 15 Declared a $1.00 cash dividend per share to stockholders of record on January 31, payable February 15 Feb. 15 Paid the dividend decdared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15, On April 15, the market price of the stock was $16 per share. May 15 Issued the shares for the stock dividend. July1 Announced a 2-for-1 stock split. The market price per share prior to the announcement was $14. (The new par value is $6.) Dec. 1 Declared a $0.70 per share cash dividend to stockholders of record on Decenber 15, payable January 10, 2020 Dec. 31 Determined that net income for the year was $220,000. Your answer is partially correct. Try again. Journalize the transactions and the closing entries for net income and dividends. (Record journal entrles In the order presented in the problem. 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit | | Cash Dividends Jan. 15 81300 Dividends Payable 81300 6C0 133 Feb. 15 Dividends Payable 81300 81300 Cash Apr. 15% | Stock Dividends 130080 32520 Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable 97560 May 15Common Stock Dividends Distributable 97560 Common Stock 97560 July 1 No Entry No Entry Dec. 1 Cash Dividends 62601 62601 Dividends Payable Dec. 31 | ||Income Summary 220000 220000 Retained Earnings (To close cash dividends) Dec. 31Retained Earnings 130080 Stock Dividends 130080 (To close stock dividends) Dec. 31Retained Earnings 143901 143901 Cash Dividends (To close net income) List Of Accounts Problem 11-7A (Part Level Submission) Accounts Payable Accounts Receivable Accumulated Depreciation Accumulated Depreciation-Buildings Accumulated Depreciation-Equipment Accumulated Other Comprehensive Income Accumulated Other Comprehensive Loss Allowance for Doubtful Accounts Bad Debt Expense Buildings Cash Cash Dividends Common Dividends Payable Common Stock Common Stock Dividends Distributable Cost of Goods Sold Depreciation Expense Dividends Dividends Payable Equipment Gain on Sale of Stock Income Summary Income Tax Expense Income Tax Payable Insurance Expense Interest Expense Interest Payable Inventory Land Loss on Disposal of Plant Assets No Entry Notes Payable Operating Expenses Organization Expense Other Operating Expenses Paid-in Capital from Treasury Stock Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Stated Value-Common Stock Patents Preferred Dividends Payable Preferred Stock Prepaid Expenses Prepaid Insurance Professional Fees Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Revenue Service Revenue Stock Dividends Supplies Supplies Expense Treasury Stock Unearned Service Revenue Utilities Expense