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On January 1, 2022, Sunland Corporation had the following stockholders' equity accounts. Common Stock (no par value, 93,000 shares issued and outstanding) $1,450,000 Retained

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On January 1, 2022, Sunland Corporation had the following stockholders' equity accounts. Common Stock (no par value, 93,000 shares issued and outstanding) $1,450,000 Retained Earnings 476,000 During the year, the following transactions occurred. Feb. 1 Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Apr. 1 July 1 31 Dec. 1 31 Paid the dividend declared in February. Announced a 3-for-1 stock split. Prior to the split, the market price per share was $38. Declared a 5% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $10 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 $331,000.

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