Problem 11-8A On January 1, 2017, Martinez Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 72,500 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings $725,000 522,000 670,000 During the year, the following transactions occurred Jan. 15 Feb. 15 Apr. 15 May 15 Dec. 1 Dec. 31 Declared a $0.70 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 ofthe stock ass Issued the shares for the stock dividend. Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2018. Determined that net income for the year was $444,000. er-share . ournalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. 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.) Date Account Titles and Explanation Problem 11-8A On January 1, 2017, Martinez Corp. had these stockholders' equity accounts. Common Stock ($10 par value, 72,500 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings $725,000 522,000 670,000 During the year, the following transactions occurred Jan. 15 Feb. 15 Apr. 15 May 15 Dec. 1 Dec. 31 Declared a $0.70 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 ofthe stock ass Issued the shares for the stock dividend. Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2018. Determined that net income for the year was $444,000. er-share . ournalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. 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.) Date Account Titles and Explanation