On January 1, 2022, Cullumber Corporation had the following stockholders' equity accounts. Common Stock ($20 par value, 62,000 shares issued and outstanding) $1,240,000 Paid-in Capital in Excess of Par-Common Stock Retained Earnings 191,000 636,000 During the year, the following transactions occurred. Feb. 1 Mar. 11 Apr. 1 July 1 31 Dec. 1 31 Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1. Paid the dividend declared in February. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35. Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31, On July 1, the market price of the stock was $15 per share. Issued the shares for the stock dividend. Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2023. Determined that net income for the year was $386,000.