On January 1 , 2006, Snider Corporation had the following stockholders' equity accounts.

During the year, the following transactions occurred.
Jan. 15 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15.
Feb. 15 Paid the dividend declared in January.
Apr. 15 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 $15 per share.
May 15 Issued the shares for the stock dividend.
July 1 Announced a 2-for-l stock split. The market price per share prior to the announcement was $17. (The new par value is $5.)
Dec. 1 Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2007.
31 Determined that net income for the year was $250,000.

Instructions

(a) Journalize the transactions and the closing entry for net income.

(b) Enter the beginning balances, and post the entries to the stockholders' equity accounts.
{Note: Open additional stockholders' equity accounts as needed.)

(c) Prepare a stockholders' equity section at December 31.

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Common Stock ($10 par value, 90,000 shares issued and outstanding) Paid-in Capital in Excess of Par Value: Retained Earnings $900,000 200,000 540,000