On January 1, 2022, Oriole Corporation had the following stockholders' equity accounts. Common Stock ($26 par value, 52,500 shares issued and outstanding) $1,365,000 Paid-in Capital in Excess of Par-Common Stock 191,000 Retained Earnings 579,000 During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $39. July 1 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 $15 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2023. 31 Determined that net income for the year was $357,500. Common Stock Date Explanation Ref Debit Credit Balance Jan. 1 Balance 1365000 July 31 0 Common Stock Dividends Distributable Date Explanation Ref Debit Credit Balance July 1 1365000 -1365000 July 31 1365000 i Paid-in Capital in Excess of Par-Common Stock Paid-in Capital in Excess of ParCommon Stock Date Explanation Ref Debit Credit Balance Jan. 1 Balance 191000 July 1 21000 170000 Retained Earnings Date Explanation Ref Debit Credit Balance Jan. 1 Balance 579000 579000 Dec. 31 V Net income 357500 221500 Dec. 31 Stock dividend 157500 379000 Dec. 31 Cash dividend 151200 530200 Cash Dividends Date Explanation Ref Debit Credit Balance Feb. 1 105000 105000 Dec. 1 46200 151200 Dec. 31 151200 0 Stock Dividends Date Explanation Ref Debit Credit Balance July 1 157500 157500 Dec. 31 157500 0