On January 1, 2020, Bramble Corp. had the following stockholders equity accounts.

On January 1, 2020, Bramble Corp. had the following stockholders equity accounts.

Common Stock ($26 par value, 50,000 shares issued and outstanding)		$1,300,000
Paid-in Capital in Excess of ParCommon Stock		194,000
Retained Earnings		619,000

During the year, the following transactions occurred.

Feb. 1		Declared a $2 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 $36.
July 1		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 $15 per share.
31		Issued the shares for the stock dividend.
Dec. 1		Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2021.
31		Determined that net income for the year was $393,500.

(b)

Enter the beginning balances, and post the entries to the stockholders equity accounts. (Use T-accounts.) (Note: Open additional stockholders equity accounts as needed.) (Post entries in the order of journal entries presented in the previous part. Select the date for closing balances even in case of zero balance.)

Common Stock 1300000 July 31 130000 1430000 Retained Earning Dec. 31 Dec. 31 718500 Paid-in Capital in Excess of Par Value-Common Paid-in Capital in Excess of Par Value-Common Common Stock Dividends Distributable 130000 130000 i Cash Dividends Feb. 1 100000 Dec. 1 44000 Stock Dividends July 1 150000 Dec. 31 150000