On January 1, 2020, Blossom Corporation had the following stockholders' equity accounts. Common Stock ($20 par value, 50,000 shares issued and outstanding) $1,000,000 Paid-in Capital in Excess of Par-Common Stock 190,000 Retained Earnings 550,000 During the year, the following transactions occurred. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February Feb. 1 Mar. 1 Apr. 1 July 1 31 Dec. 1 31 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35. Declared a 10% 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. Issued the shares for the stock dividend. Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2021. Determined that net income for the year was $300,000. Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note:Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous part.) Common Stock Date Explanation Ref Debit Credit Balance Balance Common Stock Dividends Distributable Date Explanation Ref Debit Credit Balance Paid-in Capital in Excess of Par-Common Stock Date Explanation Ref Debit Balance Credit Balance Retained Earnings Date Explanation Balance Ref Debit Credit Balance Net income Stock dividend Cash dividend Retained Earnings Date Explanation Ref Balance Debit Credit Balance Net income Stock dividend Cash dividend Cash Dividends Date Explanation Ref Debit Credit Balance Stock Dividends Date Explanation Ref Debit Credit Balance