On January 1, 2015, Grant Corporation had the following stockholders' equity accounts:

Common Stock ($5 par value, 50,000 shares issued and outstanding) $250,000

Paid-in Capital in Excess of Par Value 650,000

Retained Earnings 500,000

During the year, the following transactions occurred:

Feb. 1: Declared a $.25 cash dividend per share to stockholders of record on February 15, payable March 1.

Mar. 1: Paid the dividend declared in February.

July 1: Declared a 5% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $20 per share.

July 31: Issued the shares for the stock dividend.

Dec. 1: Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 1, 2016.

Dec. 31: Determined that net income for the year was $390,000. (Prepare the closing entry).

Instructions: Part 1: Prepare journal entries for each of the above transactions

Part 2: Prepare a Stockholders Equity Section of the Balance Sheet in Good Form