enter the beginning balances and post the entries to the stockholders equity account 581395

On January 1, 2012, Syed Corporation had the following stockholders’ equity accounts

Common Stock ($5 par value, 200,000 shares issued and outstanding)	$1,000,000
Paid in Capital in Excess of Par—Common Stock	200,000
Retained Earnings	840,000

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 $15 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 $17. (The new par value is $2.50.)
Dec.	1	Declared a $0.50 per share cash dividend to stockholders of record on December 15,
		payable January 10, 2013.
	31	Determined that net income for the year was $250,000.

Instructions

(a) Journalize the transactions and the closing entry for net income.

(b) Enter the beginning balances, and post the entries to the stockholders’ equity accounts.