On January $1,2022,$ Oriole Company had the following stockholders' equity accounts.

Common Stock $($$$14$ par value, $81,300$ shares issued and outstanding$)$

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

Retained Earnings

During the year, the following transactions occurred.

Jan. $15$

Declared a $$1$ cash dividend per share to stockholders of record on January $31,$ payable

February $15.$

Feb. $15$ Paid the dividend declared in January.

Apr. $15$ Declared a $5\%$ 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.

July $1$ Announced a $2-$for$-1$ stock split. The market price per share prior to the announcement was

$$14.($The new par value is $$7.)$

Dec. $1$ Declared a $$0\mathrm{.}40$ per share cash dividend to stockholders of record on December $15,$ payable

January $10,2023.$

Dec. $31$ Determined that net income for the year was $$280,000.$

Journalize the transactions and the closing entries for net income and dividends. $($Record journal

entries 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.$)$

$($To close net income$)$