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Problem 14-01A a-c (Video) On January 1, 2020, Blossom Corporation had the following stockholders' equity accounts. Common Stock ($26 par value, 65,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,690,000 191,000 649,000 During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 31 Dec. 1 Declared a $1 cash 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 $40. 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 $14 per share. Issued the shares for the stock dividend. Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2021. Determined that net income for the year was $388,000. 31 Journalize the transactions and the closing entries for net income and dividends. (Credit account titles ar for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash Dividends 65000 Dividends Payable 65000 Mar. 1 Dividends Payable 65000 Cash 65000 X Apr.1 X X July 1 Stock Dividends 182000 Common Stock Dividends Distributable 169000 Paid-in Capital in Excess of Par-Common Stock 13000 July 31 Common Stock Dividends Distributable 169000 Common Stock 169000 Dec. 1 V Cash Dividends 42900 1 Dividends Payable 42900 Dec. 31 Income Summary 388000 > Retained Earnings 388000 (To close net income) Dec. 31 Retained Earnings 289900 X Cash Dividends 107900 (To close stock dividends) (To close stock dividends) x Dec. 31 Stock Dividends 182000 (To close cash dividends) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Enter the beginning balances, and post the entries to the stockholders' equity ac Common Stock Date Explanation Ref Debit Credit Balance Balance ........ x x x x Common Stock Dividends Distributable Date Explanation Ref Debit Credit Balance x x Paid-in Capital in Excess of Par-Common Stock Date Explanation Ref Debit Credit Balance Balance x x ARE Retained Earnings Date Explanation Ref Debit Credit Balance Balance X Net income LILLL ................ ................. Stock dividend Cash dividend Cash Dividends Date Explanation Ref Debit Credit Balance xwwww DID x x x Stock Dividends Date Explanation Ref Debit Credit Balance X ......... Prepare a stockholders' equity section at December 31. (Enter account name o BLOSSOM CORPORATION Balance Sheet (Partial) Click Huld beaufor+bicaractions non Chom World