On January 1, 20-1, Grant Company's retained earnings account had the following balances:

During the year ended December 31, 20-1, Grant completed the following selected transactions:

Apr. 15		Estimated that its 20-1 income tax will be $40,000. Based on this estimate, it will make four quarterly payments of $10,000 each on April 15, June 15, September 15, and December 15.
20		Declared semiannual dividend of $0.30 per share on common stock to shareholders of record on May 5, payable May 15. Currently, 50,000 shares of $3 par stock are outstanding.
May 15		Paid the cash dividend.
June 15		Made estimated tax payment of $10,000.
Sept. 15		Made estimated tax payment of $10,000.
Oct. 20		Declared a semiannual dividend of $0.30 per share on common stock to shareholders of record on November 5, payable on November 15.
Nov. 15		Paid the cash dividend.
16		Declared a 10% stock dividend to shareholders of record on December 2, distributable on December 10. Market value of the common stock was estimated at $7 per share.
Dec. 10		Issued certificates for common stock dividend.
15		Made estimated tax payment of $10,000. On December 31, the following adjusting and closing entries were made:
31		Grant's actual 20-1 income tax is $44,000. The $4,000 ($44,000-$40,000) additional amount owed will be paid by March 15, 20-2. Made adjustment for the additional amount owed.
31		Net income for 20-1 was $98,000. Closed the income summary account.
31		Closed the cash dividends and stock dividends accounts.

Prepare journal entries for the above transactions and for the adjusting and closing process.