Drame On January 1, 2022, Cullumber Corporation had the following stockholders' equity accounts. Common Stock ($26 par value, 58,500 shares issued and outstanding) $1,521,000 Paid-in Capital in Excess of Par-Common Stock Retained Earnings During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 31 Dec. 1 31 192,000 622,000 Declared a $1cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $38. Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share. Issued the shares for the stock dividend. Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2023. Determined that net income for the year was $359,000.

On January 1, 2022, Cullumber Corporation had the following stockholders' equity accounts. During the year, the following transactions occurred. Feb. 1 Declared a 5 teash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2 -for-1 stock split. Prior to the split, the market price per share was $38. July 1 Declared a 15% stock dividend to stockhalders of record on July 15, distributable July 31 . On July 1, the market price of the stock was $14 per share, 31 Hsued the shares for the stock dividend Dec 1 Declared a S0,40 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $359.000