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

Common Stock ($24 par value, 65,000 shares issued and outstanding)		$1,560,000
Paid-in Capital in Excess of ParCommon Stock		191,000
Retained Earnings		591,000

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 $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 $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 $328,000.

Date Account Titles and Explanation Debit Credit Feb. 1 Cash Dividends 65,000 Dividends Payable 65,000 Mar. 1 Dividends Payable 65,000 Cash 65,000 Apr.1 No Entry No Entry July 1 Stock Dividends Paid-in Capital in Excess of Par-Preferred Stock Common Stock Dividends Distributable July 31 Common Stock Dividends Distributable Common Stock Dec. 1 Cash Dividends Dividends Payable Dec. 31 Income Summary 328,000 328,000 Retained Earnings (To close net income) Dec. 31 Retained Earnings Stock Dividends (To close stock dividends) Dec. 31 Retained Earnings Cash (To close cash dividends) Debit Credit Balance Common Stock Date Jan. 1 July 31 Explanation Ref Balance Common Stock Dividends Distributable Date Explanation Ref Debit Credit Balance July 1 July 31 Paid-in Capital in Excess of Par-Common Stock Date Explanation Ref Debit Jan. 1 Balance Credit Balance July 1 Retained Earnings Date Jan. 1 Debit Credit Balance Explanation Ref Balance Dec. 31 Net income Dec. 31 Stock dividend Dec. 31 Cash dividend Cash Dividends Explanation Ref Debit Credit Balance Feb. 1 Dec. 1 Dec. 31 Stock Dividends Date Jan. 1 Explanation Ref Debit Credit Balance Dec. 31 SUNLAND CORPORATION Balance Sheet (Partial)