Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Culver Corporation on January 1, 2017, were as follows. $300,000 Preferred Stock (6%, $100 par noncumulative, 5,000 shares authorized) Common Stock ($4 stated value, 300,000 shares authorized) 1,000,000 Paid-in Capital in Excess of Par Value-Preferred Stock 15,000 Paid-in Capital in Excess of Stated Value-Common Stock 480,000 Retained Earnings 694,500 Treasury Stock (5,000 common shares) 40,000 During 2017, the corporation had the following transactions and events pertaining to its stockholders' equity. Issued 5,000 shares of common stock for $35,000 Feb. 1 Mar. 20 Purchased 1,000 additional shares of common treasury stock at $9 per share. Oct 1 Declared a 6% cash dividend on preferred stock, payable November 1. Paid the dividend declared on October 1 Declared a $0.85 per share cash dividend to common stockhol ders of record on December 15, payable December 31, 2017. Nov. 1 Dec. 1 Dec. 31 Determined that net income for the year was $276,400. Paid the dividend declared on December 1. (a) Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record statement. Credit account titles are automatically indented when amount is entered. Do not indent n Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5, Account Titles and Explanation Debit Credit Date 35000 Feb. 1 Cash 20000 Common Stock 10000 Paid-in Capital in Excess of Stated Value-Common 9000 Mar. 20 Treasury Stock 9000 Cash Oct. 1 Cash Dividends 18000 Dividends Payable 18000 Dividends Payable 18000 Nov. 1 18000 Cash 211650 Dec. 1 Cash Dividends 211650 Dividends Payable Dec. 31 Income Summary 276400 276400 Retained Earnings (To record net income) Dec. 31 Retained Earnings Cash Dividends (To close cash dividends) Dec. 31 Dividends Payable 211650 211650 Cash (To record ent of cash dividends yable) Open Show Work Click if you would like to Show Work for this