On January 1, 2022, Cullumber Company had the following stockholders' equity accounts.

Common Stock ($10 par value, 75,000 shares issued and outstanding)		$750,000
Paid-in Capital in Excess of Par—Common Stock		180,000
Retained Earnings		500,000

During the year, the following transactions occurred.

Jan. 15		Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15.
Feb. 15		Paid the dividend declared in January.
Apr. 15		Declared a 5% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $15 per share.
May 15		Issued the shares for the stock dividend.
July 1		Announced a 2-for-1 stock split. The market price per share prior to the announcement was $13. (The new par value is $5.)
Dec. 1		Declared a $0.40 per share cash dividend to stockholders of record on December 15, payable January 10, 2023.
Dec. 31		Determined that net income for the year was $200,000.

(a)

Journalize the transactions and the closing entries for net income and dividends. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)