On January 1, 2020, Sunland Corporation had the following stockholders' equity accounts. Common Stock ($24 par value, 65,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,560,000 191.000 591,000 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. Paid the dividend declared in February Mar. 1 Apr 1 July 1 31 Announced a 2-for-1 stock split. Prior to the split the market price per share was $36, 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 $328,000. Dec. 1 31 Date Debit Credit Account Titles and Explanation Cash Dividends Feb. 1 65000 Dividends Payable 6500 Mar. 1 > Dividends Payable 65000 Cash 6500 July 1 > July 31 Dec 1 v Dec 31 Dec 31 Dec 1 Dec 31 Dec. 31 (To close net income) July 31 (To close stock dividends) Retained Earnings Mar. 1 65000 4500 Cash Dividends (To close cash dividends) Assistance Used e Textbook and Media List of Accounts