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