Current Attempt in Progress On January 1, 2022, Sandhill Corporation had the following stockholders' equity accounts....

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Current Attempt in Progress On January 1, 2022, Sandhill Corporation had the following stockholders' equity accounts. Common Stock ($24 par value, 64,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During the year, the following transactions occurred. $1,536,000 204,000 574,000 Feb. 1 Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 July 1 31 Dec. 1 31 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $38. Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. Issued the shares for the stock dividend. Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2023. Determined that net income for the year was $318,500. (a) (b) Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous part.) Common Stock Date Explanation Ref Debit Balance V Common Stock Dividends Distributable Date Credit Balance Explanation Ref Debit Credit Balance Paid-in Capital in Excess of Par-Common Stock Date Explanation Ref Balance Debit Credit Balance Retained Earnings Date Explanation Ref Debit Credit Balance Balance V Net Income Stock dividend Cash dividend Cash Dividends Date Explanation Ref Debit Credit Balance Stock Dividends Date Explanation Ref Debit Credit Balance Current Attempt in Progress On January 1, 2022, Sandhill Corporation had the following stockholders' equity accounts. Common Stock ($24 par value, 64,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During the year, the following transactions occurred. $1,536,000 204,000 574,000 Feb. 1 Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 July 1 31 Dec. 1 31 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $38. Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. Issued the shares for the stock dividend. Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2023. Determined that net income for the year was $318,500. (a) (b) Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous part.) Common Stock Date Explanation Ref Debit Balance V Common Stock Dividends Distributable Date Credit Balance Explanation Ref Debit Credit Balance Paid-in Capital in Excess of Par-Common Stock Date Explanation Ref Balance Debit Credit Balance Retained Earnings Date Explanation Ref Debit Credit Balance Balance V Net Income Stock dividend Cash dividend Cash Dividends Date Explanation Ref Debit Credit Balance Stock Dividends Date Explanation Ref Debit Credit Balance