On January 1, 2019, Novak Corp. had the following stockholders' equity accounts Common Stock ($14 par value, 78,300 shares issued and outstanding) $1,096,200 Paid-in Capital in Excess of Par Value-Common Stock Retained Earnings 211,000 518,000 During the year, the following transactions occurred. Jan. 15 Declared a $1.12 cash dividend per share to stockholders of record on January 31, payable February 15 Feb. 15 Paid the dividend declared in January Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15, On April 15, the market price of the stock was $16 per share. May 15 Issued the shares for the stock dividend. July1 Announced a 2-for-1 stock split. The market price per share prior to the announcement was $14. (The new par value is $7.) Dec. 1 Declared a $0.90 per share cash dividend to stockholders of record on December 15, payable January 10, 2020. Dec. 31 Determined that net income for the year was $285,000. Date Account Titles and Explanation Debit Credit (To close net income) To close cash dividends) To close stock dividends) Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) the order of journal entries presented in the previous question.) Common Stock Date Explanation Ref.Debit CreditBalance Balance Common Stock Dividends Distributable Date Ref. Debit Credit Balance Paid-in Capital in Excess of Par Value-Common Stock Date Explanation Ref Debit Credit Balance Balance Retalned Earnings Date Explanation Ref. Deblt Credit Balance Balance Cash dividends Stock dividends Net income Cash Dividends Date Explanation Ref. Debit Credit Balance Stock Dividends Date Explanation Ref. Debit Credit Balance Prepare a stockholders' equity section at December 31, 2019. (Enter the account question.) Novak Corp. Balance Sheet (Partial)