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On January 1, 2017, Indigo Corporation had these stockholders equity accounts.

Common Stock ($ 10 par value, 81,500 shares issued and outstanding)		$ 815,000
Paid-in Capital in Excess of Par Value		503,000
Retained Earnings		635,000

During the year, the following transactions occurred.

Jan.	15		Declared a $ 0.40 cash dividend per share to stockholders of record on January 31, payable February 15.
Feb.	15		Paid the dividend declared in January.
Apr.	15		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 $ 15 per share.
May	15		Issued the shares for the stock dividend.
Dec.	1		Declared a $ 0.70 per share cash dividend to stockholders of record on December 15, payable January 10, 2018.
Dec.	31		Determined that net income for the year was $ 358,000.

Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.)

Date	Account Titles and Explanation	Debit	Credit
	(To close net income)
	(To close stock dividends)

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