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The stockholders' equity accounts of Flint Corporation on January 1,2025 , were as follows. During 2025, the corporation had the following transactions and events pertaining to its stockholders' equity. Feb. 1 Issued 9,000 shares of common stock for $54,000. Mar. 20 Purchased 1,800 additional shares of common treasury stock at $7 per share Oct 1 Declared a 7\% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.50 per share cash dividend to common stockholders of record on December 15 , payable December 31,2 Dec. 31 Determined that net income for the year was $505,000. Paid the dividend declared on December 1. Journalize the transactions: (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. I. entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Dec,1 Cash Dividends 448200 Dividends Payable Dec. 31 Income Summary Retained Earnings (To close Income Summary and transfer net income to Retained Earnings) Dec, 31 Retained Earnings 450300 Cash Dividends (To close Cash Dividends to Retained Earnings) Dec. 31 Dividends Payable 448200 Cash (To record payment of cash dividends payable)

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