C Current Attempt in ProgressOn January 1, 2022, Monty Corp. had the following stockholders' equity accounts.Common Stock ($20 par value, 60,700 shares issued and outstanding)Paid-in Capital in Excess of Par-Common StockRetained EarningsDuring the year, the following transactions occurred.Feb. 1Mar. 1Apr. 1July 131Dec. 131$1,214,000203,000569,000Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.Paid the dividend declared in February.Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36.Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, themarket price of the stock was $14 per share.Issued the shares for the stock dividend.Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2023.Determined that net income for the year was $310,000. Journalize the transactions and the closing entries for net income and dividends. (Record journal entries inthe order presented in the problem. Credit account titles are automatically indented whenamount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter 0 for the amounts.):9Account Titles and ExplanationCash DividendsDividends PayableDividends PayableCashNo EntryNo EntryStock DividendsCommon Stock Dividends DistributablePaid-in Capital in Excess of Par-Common StocCommon Stock Dividends DistributableCommon StockCash DividendsDividends PayableIncome SummaryRetained Earnings(To close net income)Retained EarningsStock Dividends(To close stock dividends)Retained EarningsCash Dividends(To close cash dividends)Debit60700=6070030350310000CreditC

A journal entry : Method of recording financial transactions in the book of original entry by…

Current Attempt in Progress On January 1, 2022, Monty Corp. had the following stockholders' equity accounts. Common Stock ($20 par value, 60,700 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 31 Dec. 1 31 $1,214,000 203,000 569,000 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36. 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 $14 per share. Issued the shares for the stock dividend. Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2023. Determined that net income for the year was $310.000.