Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when amount is entered. D not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) July 1 Stock Dividends Common Stock OWidends Distributable Paid-in Capital in Excess of Par-Common Stock July 31 Common Stock Dividends Distributable Commonstock Deci 1 Cash Dividends Dividenos Pavable Cash Dividends Date Explanation Ref Debit Credit Balance Stock Dividends Date Explanation Ref Debit Credit Balance Paid-in Capital in Excess of Par-Common Stock Credit Balance Retained Earnings Date Explanation Ref Debit Credit Balance Balance Net income Stock dividend Cash dividend On January 1, 2022, Sanichili Corporation had the following stockhoiders' equity accounts. During the year, the following transactions occurred: Feb. 1 Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $38. July 1 Declared a 10% stock dividend to stockholders of record on July 15 , distributable July 31 On July 1 , the market price of the stock was $15 per share. 31 Issued the shares for the stock dividend: iter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed ost entries in the order of journal entries presented in the previous part) Dec 31 Income Summary Retained Earnings (To close net income) Dec; 31 Retained Earnings Stock Dividends (To close stock dividends) Dec, 31 Retained Earnings Cash Dividends (To close cash dividends) Dec. 1 Declared a $0.50 per share dividend to stockholders of record on December 15 , payable January 5,2023. 31 Determined that net income for the year was $318,500. Prepare a stockholders' equity section at December 31. (Enter account name only and do not provide descriptive information.)