Problem 11-2A (Part Level Submission) The stockholders' equity accounts of Culver Corporation on January 1, 2017, were as follows. Preferred Stock (5%, $100 par noncumulative, 5,000 shares authorized) $300,000 Common Stock ($4 stated value, 300,000 shares authorized) 1,000,000 Pald-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. Feb. 1 Issued 5,000 shares of common stock for $35,000. Mar. 20 Purchased 1,000 additional shares of common treasury stock at $9 per share. 1 Declared a 6% cash dividend on preferred stock, payable November 1. Nov. 1 Paid the dividend declared on October 1. Dec. 1 Declared a $0.85 per share cash dividend to common stockholders of record on December 15, payable December 31, Dec. 31 Determined that net income for the year was $276,400. Paid the dividend declared on December 1 Oct. (a) Your answer is correct. Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.) (Record entries in the displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do indent manually. Ir no entry is required, select "No Entry" for the account titles and enter o for the amounts. Roun answers to 0 decimal places, e.g. 5,275.) Rented unisten Nahi CALCULATO s 12/31 Bal. 495,000 Retained Earnings 12/31 235,650 1/1 Bal. 689,000 X 12/31 275,600 X 12/31 Bal. 728,950 Cash Dividends tudy 10/1 24,000 12/1 211,650 > 12/31 Bal. 100 DO Treasury Stock 1/1 Bal. 40,000 X 3/20 7,000 X 12/31 Bal. 47,000