Financial Accounting, P12-4B On January 1, 2008 Argentina Corporation had the following

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Financial Accounting
P12-4B
On January 1, 2008 Argentina Corporation had the following stockholder equity accounts
Common stock ($20 per value, 75,000 shares issued and outstanding) 1,500,000
Paid in capital in excess of par value 200,000
Retained earnings 600,000

During the year the following transactions occurred:
Feb 1 Declared a $1 cash dividend per share to stockholder of record on Feb 15, payable March 1.
Mar 1 Paid the dividend declared in Feb
Apr 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36.
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 $13 per share.
July 31 issued the shares for the stock dividend
Dec 1 Declared a $0.50 per share dividend to stockholder os record on December 15, payable Jan 5, 2009
Dec 31 Determined that net income for the year was $350,000

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 (note: open additional stockholders equity accounts as needed.)
c.) Prepare a stockholders equity section at Dec 31.
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