On January 1, 2020, Blossom Corporation had the following stockholders' equity accounts.

Common Stock ($20 par value,50,000 shares issued and outstanding)

$1,000,000Paid-in Capital in Excess of ParCommon Stock

190,000Retained Earnings

550,000

During the year, the following transactions occurred.

Feb.1

Declared a $1 cash 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.July1

Declared a10% 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. 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 5, 2021. 31

Determined that net income for the year was $300,000.

(a)

Journalize the transactions and the closing entries for net income and dividends.