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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 for the amounts.) Account Titles and Explanation Debit Credit Cash Dividends 81300 Dividends Payable Dividends Payable 81300 Cash Stock Dividends 130080 Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Common Stock Dividends Distributable 48780 Common Stock No Entry i 01 0001_10000040 No Entry Cash Dividends 59755.50 Dividends Payable 59755.50 Retained Earnings 141055.50 Cash Dividends 141055.50 (To close cash dividends) Retained Earnings 130080 Stock Dividends (To close stock dividends) Income Summary 220000 Retained Earnings 220000 (To close net income) On January 1, 2022, Sheffield Corp. had the following stockholders' equity accounts. $975,600 Common Stock ($12 par value, 81,300 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock 188,000 Retained Earnings 503,000 During the year, the following transactions occurred. Jan. 15 Feb. 15 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. Declared a 10% 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. Apr. 15 May 15 Issued the shares for the stock dividend. Announced a 2-for-1 stock split. The market price per share prior to the announcement was $14. (The new par value is $6.) July 1 Dec. 1 Declared a $0.70 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Determined that net income for the year was $220,000. Dec. 31