Shareholders' equity Common shares (unlimited number of shares authorized, 86,000 issued) Retained earnings Total shareholders' equity...

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Shareholders' equity Common shares (unlimited number of shares authorized, 86,000 issued) Retained earnings Total shareholders' equity During the year, the following transactions occurred: $1,156,000 560,000 $1,716,000 1 Jan. 15 Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15 July Announced a 3-for-2 stock split. The market price per share on the date of the announcement was $12. Dec. 15 31 Declared a 10% stock dividend to shareholders of record on December 30, distributable on January 15. On December 15, the market price of each share was $8; on December 30, $11; and on January 15, $10. Determined that profit before income tax for the year was $462,000. The company has a 30% income tax rate. (a) Journalize the transactions for 2024 and closing entries for 2024. (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 O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation (Dividend declaration) (Dividend record date) (Payment of dividend) (Stock split) (Stock dividend declaration) (Stock dividend record date) (To close Income Summary) Debit Credit Shareholders' equity Common shares (unlimited number of shares authorized, 86,000 issued) Retained earnings Total shareholders' equity During the year, the following transactions occurred: $1,156,000 560,000 $1,716,000 1 Jan. 15 Declared a $1 per share cash dividend to shareholders of record on January 31, payable February 15 July Announced a 3-for-2 stock split. The market price per share on the date of the announcement was $12. Dec. 15 31 Declared a 10% stock dividend to shareholders of record on December 30, distributable on January 15. On December 15, the market price of each share was $8; on December 30, $11; and on January 15, $10. Determined that profit before income tax for the year was $462,000. The company has a 30% income tax rate. (a) Journalize the transactions for 2024 and closing entries for 2024. (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 O for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation (Dividend declaration) (Dividend record date) (Payment of dividend) (Stock split) (Stock dividend declaration) (Stock dividend record date) (To close Income Summary) Debit Credit