Please help me DateDebitCreditDec. 1Dec. 31(closingentries) On January 1, 2020, FAANG Corp. had the following equity accounts.Share Capital-Ordinary($5 par value, 48,000 shares issued and outstanding)Share Premium-OrdinaryRetained Earnings$240,000200,000460,000During the year, the following transactions occurred.Jul. 1Declared a 30% stock dividend to stockholders of record on July 15, distributableAugust 15. On July 1, the market price of the stock was $7 per share.Aug. 15Oct. 30Nov. 15Issued the shares for the stock dividend.Split the shares on a 2-for-1 basis.Acquired 5,000 shares of the company's own stock at $4 per share.Declared a $0.20 per share dividend to stockholders of record on December 15,Dec. 1payable January 5, 2021.Determined that net income for the year was $188,000.Dec. 31Required: Journalize the transactions and the closing entries for net income and dividends.(Note: Write "no entry" when no entry is required.)DateDebitCreditJul. 1Aug. 15Oct. 30Nov. 15

Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

On January 1, 2020, FAANG Corp. had the following equity accounts. Share Capital-Ordinary ($5 par value, 48,000 shares issued and outstanding) Share Premium-Ordinary Retained Earnings $240,000 200,000 460,000 During the year, the following transactions occurred. Jul. 1 Declared a 30% stock dividend to stockholders of record on July 15, distributable August 15. On July 1, the market price of the stock was $7 per share. Issued the shares for the stock dividend. Aug. 15 Oct. 30 Split the shares on a 2-for-1 basis. Acquired 5,000 shares of the company's own stock at $4 per share. Declared a $0.20 per share dividend to stockholders of record on December 15, payable January 5, 2021. Determined that net income for the year was $188,000. Dec. 1 Dec. 31 Required: Journalize the transactions and the closing entries for net income and dividends. (Note: Write "no entry" when no entry is required.)