On January 1, 2022, Cullumber Company had the following stockholders' equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings During the year, the following transactions occurred. Jan. 15 Feb. 15 Apr. 15 May 15 July 1 Dec. 1 Dec. 31 $750,000 180,000 500,000 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15. Paid the dividend declared in January. 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. Issued the shares for the stock dividend. Announced a 2-for-1 stock split. The market price per share prior to the announcement was $13. (The new par value is $5.) Declared a $0.40 per share cash dividend to stockholders of record on December 15, payable January 10, 2023. Determined that net income for the year was $200,000.

On January 1, 2022, Cullumber Company had the following stockholders' equity accounts. 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 Apri 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 Dec. 1 Declared a 50.40 per share cash dividend to stockholders of record on December 15. payable January 10,2023. Dec. 31 Determined that net incoohe for the year was $200.000