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On January $1,2022,$ Swifty Corporation had the following stockholders' equity accounts. $($a$)$

Journalize the transactions and the closing entries for net income and dividends. $($Record journal entries in the order presented in the problem. 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 $0$ for the amounts.$)$

Date

Account Titles and Explanation

Debit

Credit $($To close cash dividends$)$

$($To close stock dividends$)$

$($To close net income$)$ Journal$$ze the transactions and the cIos$$ng entries tor net income and dividends. $($Kecord journal entries in the order presented in the problem. 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.$)$

Date

Account Titles and Explanation

Debit

Credit $($To close cash dividends$)$

$($To close cash dividends$)$

$($To close stock dividends$)$

$($To close net income$)$

During the year, the following transactions occurred.

Jan. $15$ Declared a $$1$ 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 $$16$ per share.

May $15$ Issued the shares for the stock dividend.

July $1$ Announced a $2-$for$-1$ stock split. The market price per share prior to the announcement was $$14.($The new par value is $$5.)$

Dec. $1$ Declared a $$0\mathrm{.}50$ per share cash dividend to stockholders of record on December $15,$ payable January $10,2023.$

Dec. $31$ Determined that net income for the year was $$270,000.$

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