Problem 11-08A (Part Level Submission) On January 1, 2022, Indigo Corporation had these stockholders’ equity accounts….

Problem 11-08A (Part Level Submission) On January 1, 2022, Indigo Corporation had these stockholders’ equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value Retained Earnings $750,000 490,000 700,000 During the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 May 15 Dec. 1 Dec. 31 Declared a $0.60 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. 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 $13 per share. Issued the shares for the stock dividend. Declared a $0.70 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Determined that net income for the year was $370,000. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the proble 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 net income) (To close stock dividends) (To close cash dividends)

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