Ohio Streaming Corporation has 20,000 common shares outstanding at January 1, 2018 with a stated value of $200,000. On April 1, Arrow Streaming declared a 5 per cent share dividend, payable on April 15 to shareholders of record on April 10. The market value of Arrow’s shares on April 1 was $10. On June 1, the company declared a $1 cash dividend per share to common shareholders of record on June 10, and paid the dividend on June 30. Assume the year-end of the corporation is December 31.

Required: Prepare journal entries for the above transactions, including closing entries.