On January 1, 2020, Cullumber Inc. had the following stockholders' equity balances. Common Stock (435,000 shares issued) $870,000 Paid-in Capital in Excess of Par-Common Stock 580,000 Common Stock Dividends Distributable 120,000 Retained Earnings 530,000 1 During 2020, the following transactions and events occurred. Issued 60,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2021. 2 Issued 30,000 shares of common stock for cash at $4 per share 3 Purchased 24,000 shares of common stock for the treasury at $5 per share. Declared and paid a cash dividend of $117,000. Sold 7.000 shares of treasury stock for cash at $5 per share. 6. Earned net income of $360,000, 4. 5. Prepare a stockholders' equity statement for the year. (If an amount reduces the account balance then enter with negative sign preceding the number eg.-45 or parentheses es. (451) Cullumber Inc. Stockholders' Equity Statement December 31, 2020 Cullumber Inc. Stockholders' Equity Statement December 31, 2020 Paid in Capital in Excess of Par- Common Stock Common Stock Dividends Distributable Common Stock Treasury Stock $ $ $ $ Balances Jan. 1 Issued 60,000 share for stock dividend Issued 30,000 shares for cash Purchased 24,000 shares of treasury stock Declared cash dividend Sold 7,000 shares of treasury stock Net Income for year Balances. Dec 31 Common Stock Dividends Distributable Treasury Stock Retained Earnings $ $ Assistance Used