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Problem -01A a-c (Video) On January 1, 2020, Blossom Corporation had the following stockholders equity accounts Common Stock ($20 par valuc, 55,500 shares issued and outstanding) Paid-in Capital 51.443.000 Excess of Par-Common 5tock 202.000 637,000 Retained Earnings During the year, the following transactions occurred. Feb. 1 Decared a $3 cash dividend per share to stockhelders of record February 1 payable March 1 Paid the dividend declared in February, Mar 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35 Apr 1 uly 1 Declared a 10% stock dividend to stockholders record on July 15, distributable July 31, n July 1, the market price of the stock was $15 per share. Issued the shares for the stock dividend 31 Dec record on December 15, payable January 5, 2021 cen . . YOur answer is partially correct. Try again. Journalize the transactions . nd the closing entries for net income and dividends. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem., Account Titles and Explanation Dehit Credit Date Feb. 1 Cash Dividends 166500 166501 Dividends Payable r 1 Dividends Payable 166500 Cash 166500 TARE1 o Entry No Entry July 1 stock Dividends 72150 Paid-in Capital in Excess of Par-Common Stock 19240 Dividends Payable 125060 July 31 Dividends Payable 125060 Common Stock 125060 Cash 35886 Dec. 1 Cash Dividends 35886 Dec. 31 (To close net income) Income Summary Dec. 31 Retained Earnings (To close stock dividends) Retained Earnings Dec. 31 202386 Cash Dividends 144300 (To close cash dividends) Enter the beginning balances, and post the entries to the stockholders' equity acc Common Stock Credit Explanation Ref Debit Balance Date Balance Jan. 1 Dec. 31 Common Stock Dividends Distributable Explanation Ref Debit Credit Balance Date X Paid-in Capital in Excess of Par-Common Stock Explanation Ref Debit Credit Balance Date |X Balance Retained Earnings Explanation Ref Debit Credit Balance Date Balance Net income Stock dividend Cash dividend Cash Dividends Credit Explanation Ref Debit Balance Date |X X x X Stock Dividends Explanation Ref Debit Credit Balance Date X LINK TO XT LINK TO TEXT XYour answer is incorrect. Try again Prepare a stockholders' equity section at December 31. (Enter account name only a BLOSSOM CORPORATION Balance Sheet (Partial) X