Please answer in proper format with all working clearly Note : Every entry should have narration please

The stockholders' equity accounts of Nipon Company at January 1, 2019, are as folloWs. Preferred Stock, 6%, $50 par $800,000 Common Stock, $5 par 1,200,000 Paidin Capital in Excess of ParPreferred Stock 250,000 Paid-in Capital in Excess of Par--Common Stock 425,000 Retained Earnings 875,000 There were no dividends in arrears on preferred stock. During 2019, the company had the following transactions and events. July 1 Declared a $0.60 cash dividend per share on common stock. Sept. 1 Paid the cash dividend declared on July 1. Dec. 1 Declared a 15% stock dividend on common stock when the market price of the stock was 3 18 per share. Dec. 15 Declared a 6% cash dividend on preferred stock payable January 15, 2020. Dec. 31 Determined that net income for the year was $3 55,000. Instructions (a) Joumalize the transactions, events, and closing entries for net income and dividends. (b) Enter the beginning balances in the accounts, and post to the stockholders' equity accounts. (Note: Open additional stockhotders' equity accounts as needed.) (0) Prepare a retained earnings statement for the year. (d) Prepare a stockholders' equity section at December 31, 2019