On January 1, 2020, Blossom Corporation had the following stockholders' equity accounts. Common Stock ($20par value,50,000 shares issued and outstanding) $1,000,000 Paid-in Capital in Excess of ParCommon Stock 190,000 Retained Earnings 550,000 During the year, the following transactions occurred. Feb. 1 Declared a$1cash 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$35. July 1 Declared a10%stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was$14per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a$0.30per share dividend to stockholders of record on December 15, payable January 5, 2021. 31 Determined that net income for the year was$300,000. -Journal the transactions and the closing entries for net income and dividends. -Enter the beginning balances, and post the entries to the stockholders' equity accounts. -Prepare a stockholders' equity section at December 31.