On January $1,2022,$ Carla Vista Corporation had the following stockholders' equity accounts.

Common Stock $($ $$20$ par value, $66,000$ shares issued and outstanding$)$ $$1,320,000$

Paid$-$in Capital in Excess of Par$-$Common Stock

$205,000$

$603,000$

Retained Earnings

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 $$40.$

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 $$14$ per share.

$31$ Issued the shares for the stock dividend.

Dec. $1$ Declared a $$0\mathrm{.}50$ per share dividend to stockholders of record on December $15,$ payable January $5,2023.$

$31$ Determined that net income for the year was $$340,000.$

Your answer is partially correct.

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.$)$

$\backslash$table$[[$te Account Titles and Explanation$],[$Cash Dividends$]]$

Dividends Payable

Dividends Payable

Stock Dividends

Common Stock Dividends Distributable

Paid$-$in Capital in Excess of Par$-$Common Stock

Common Stock Dividends Distributable

Common Stock

Cash Dividends

Income Summary

Retained Earnings

$($To close net income$)$

Retained Earnings

Stock Dividends

$($To close stock dividends$)$

Retained Earnings

Debit

Credit

$($To close cash dividends$)$

Your answer is partially correct.

Journalize the transactions and the closing entries for net income and dividends. $($Credit occount 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

Feb. $1$

Feb. $1vv$

Mar. $1$

Apr. $1$

July $1$

Dec. $1$

Dec. $31$

Dec. $31$

Account Titles and Explanation

Cash Dividends

Dividends Payable

Dividends Payable

Cash

No Entry

No Entry

Stock Dividends

Common Stock Dividends Distributable

Paid$-$in Capital in Excess of Par$-$Common Stock

Common Stock Dividends Distributable

Common Stock

Cash Dividends

Dividends Payable

Income Summary

Retained Earnings

$($To close net income$)$

Retained Earnings

$($To close stock dividends$)$

Debit

Credii

$198000$

Income Summary

$340000$

$($To close stock dividends$)$

$264000$

$($To close cash dividends$)$