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Dec. 31 v Income Summary 321500 Retained Earnings 321500 (To close net income Dec. 31 v Retained Earnings 209520 X Stock Dividends 209520 (To close stock dividends) x Dec. 31 v Retained Earnings 321500 X Cash Dividends 321500 (To close cash dividends) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT x Your answer is incorrect. Try again. Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous part.) Common Stock Date Explanation Ref Debit Credit Balance X Balance Common Stock Dividends Distributable Date Explanation Ref Debit Credit Balance x Paid-in Capital in Excess of Par-Common Stock Date Explanation Re Debit Credit Balance X BalanceRetained Earnings Date Explanation Ref Debit Credit Balance Balance * Net income Stock dividend Cash dividend Cash Dividends Date Explanation Ref Debit Credit Balance x Stock Dividends Date Explanation Ref Debit Credit Balance X SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXTx Your answer is incorrect. Try again. Prepare a stockholders' equity section at December 31. (Enter account name only and do not provide descriptive information.) WILDHORSE CORPORATION Balance Sheet (Partial) x XOn January 1, 2020, Wildhorse Corporation had the following stockholders' equity accounts. Common Stock ($22 par value, 54,000 shares issued and outstanding) $1,188,000 Paid-in Capital in Excess of Par-Common Stock 199,000 Retained Earnings 626,000 During the year, the following transactions occurred. Feb. 1 Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35. July 1 Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2021. 31 Determined that net income for the year was $321,500. Your answer is partially correct. Try again. 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. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Feb. 1 Dividends Payable 162000 Dividends Payable 162000 Mar. 1 Dividends Payable 162000 Cash 162000 Apr.1 324000 July 1 Stock Dividends 162000 Common Stock Dividends Distributable 118800 Paid-in Capital in Excess of Par-Common Stock 43200 July 31 v Common Stock Dividends Distributable 11880 Common Stock 118800 Dec. 1 v Cash Dividends 47520 Dividends Payable 47520