On January 1, 2020, Sandhill Corporation had the following stockholders’ equity accounts.

Common Stock ($20 par value, 63,500 shares issued and outstanding)    $1,270,000
Paid-in Capital in Excess of Par—Common Stock     197,000
Retained Earnings     564,000

During the year, the following transactions occurred.

• Feb. 1Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1.
• Mar. 1Paid the dividend declared in February.
• Apr. 1Announced a 2-for-1 stock split. Prior to the split, the market price per share was $38.
• July 1Declared a 15% 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.
• 31Issued the shares for the stock dividend.
• Dec. 1Declared a $0.60 per share dividend to stockholders of record on December 15, payable January 5, 2021.
• 31Determined that net income for the year was $300,500.
  Journalize the transactions and the closing entries for net income and dividends.