On January 1, 2020, Cullumber Corporation had the following stockholders equity accounts. Common Stock ($24 par value, 59,000 shares issued and outstanding) $1.416,000 Paid-in Capital in Excess of Par-Common Stock 197,000 Retained Earnings 559.000 During the year, the following transactions occurred. Feb. Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February Apr. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $39. July Declared a 15% 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. Declared a $0.60 per share dividend to stockholders of record on December 15, payable January 5, 2021 31 Determined that net income for the year was $332,500 Debit Credit Date Account Titles and Explanation (To close net income) (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.) (Post entries in the order 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 Credit Balance Balance Retained Earnings Date Explanation Ref Debit Credit Balance Balance Net Income Stock dividend Cash dividend Cash Dividends Date Explanation Ref Debit Credit Balance Stock Dividends Date Explanation Ref Debit Credit Balance Prepare a stockholders' equity section at December 31. (Enter account name only and do not provide descriptive information.) CULLUMBER CORPORATION Balance Sheet (Partial)