On January 1, 2020, vic Corporation had the following shareholders equity accounts:

vic Corporation

Balance Sheet (partial)

January 1, 2020

Shareholders equity:

Common shares (unlimited number of shares authorized, 90,000 shares outstanding)

$ 1,800,000

Retained earnings

1,080,000

Total shareholders equity

$2,880,000

During the year, the following transactions occurred:

Jan. 15 Declared a $1 cash dividend per share to shareholders, payable February 15. The date of

record is Jan 31.

Feb. 10

Issued 2,500 common shares when the share price is $10 in exchange for land

with a fair market value of $30,000.

Feb. 15

Paid the dividend declared in January.

Apr. 15

Declared and distributed a 10% stock dividend to common shareholders of record

on April 15. On April 15, the market price of each share was $13.

July 1 Announced a 2-for-1 stock split. The market price per share prior to the announcement

was $15.

Dec. 1 Declared a $0.50 per share cash dividend to shareholders, payable January 10, 2021.

Net income is $53,000.

Required:

1- Journalize the transactions noted above (Journal entry explanations are not required)

2- Prepare the shareholders equity section of the balance sheet at December 31, 2020.