On January 1, 2020, Sandhill Corporation had the following stockholders equity accounts.Common Stock ($20 par value, 63,500 shares issued and outstanding) $1,270,000Paid-in Capital in Excess of ParCommon Stock 197,000Retained Earnings 564,000During 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

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.

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