Problem 11-4A (Part Level Submission) On January 1, 2019, Cullumber Company had the following stockholders' equity accounts Common Stock ($20 par value, 50,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,000,000 190,000 550,000 During the year, the following transactions occurred Feb Apr. aly 31 Dec. 31 Declared a $1 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 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 per share. Issued the shares for the stock dividend. Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2020 Determined that net income for the year was s300,000. Your answer is partially correct. Try again ournalize the transactions and the closing entries or net income and dividends. Credit account titles are automatica , in dented Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) hen annount is entered Dono inde ne manuall reno entr . #requim, select No Date Account Titles and Explanation Debit Credit Feb. 1 # | |Retained Earnings 50000 Dividends Payable 50000 Mar. 1 # | Dividends Payable 50000 Cash 50000 Apr. 1 July 1tained Earnings 700000 Common Stock Dividends Distributable 50000 Paid-in Capital in Excess of Par-Common 200000 July 31: Stock Dividends Distributable 55000 Common Stock 55000 Dec. 1Retained Earnings 55000 Dividends Payable 55000 Dec. 314Income Summary 300000 Retained Earnings 300000 (To close net income) July 31: (To close stock dividends) Dec. 314