Problems 600.000 Feh 1 Mar. 1 1 Share Capital - Ordinary (25 par value, 48.000 shares issued and Prepare dividend entries and equiry Sect outstanding) Share Premium Ordinary 1.200.000 Retained Earnings 200,000 During the year, the following transactions occurred, Declared a 1 cash dividend per share to shareholders of record on February 15. payable March 1. Paid the dividend declared in February Apr. Announced a 5-for-1 share split. Prior to the split, the market price per share was 36. July Declared a 10% share dividend to shareholders of record on July 15, distributable July 31 On July 1. the market price was 7 per share 31 Issued the shares for the share dividend. Declared a 0.50 per share dividend to shareholders of record on December 15. payable January 5, 2021. 31 Determined that net income for the year was 350,000 Instructions a. Journalize the transactions and the closing entries for net income and dividends. b. Enter the beginning balances, and post the entries to the equity accounts. (Note: Open additional equity accounts as needed.) c. Total equity 2,170,000 c. Prepare an equity section at December 31. Dec. 31 PALI (LO 1, 2, 3) On January 1, 2020, Prasad SpA had the following equity accounts