Problem 11-7A (Part Level Submission) On January 1, 2019, Blossom Company had the following stockholders' equity accounts. Common Stock ($12 par value, 81,700 shares issued and outstanding) $980,400 Paid-in Capital in Excess of Par Value-Common Stock Retained Earnings 214,000 527,000 During the year, the following transactions occurred. Jan. 15 Declared a $1.00 cash dividend per share to stockholders of record on January 31, payable February 15 Feb. 15 Paid the dividend declared in January. Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15-On April 15, the market price of the stock was $16 per share. May 15 Issued the shares for the stock dividend July 1 Announced a 2-for-1 stock split. The market price per share prior to the announcement was $15. (The new par value is $6.) Dec. 1 Declared a $0.70 per share cash dividend to stockholders of record on December 15, payable January 10, 2020 Dec. 31 Determined that net income for the year was $250,000. Your answer is correct. ournalize the transactions and the closing entries for net income and dividends. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 15 Cash Dividends 81700 Journalize the transactions and the closing entries for net income and dividends. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 15 Cash Dividends 81700 Dividends Payable 81700 Feb. 15Dividends Payable 81700 Cash 81700 Apr. 15Stock Dividends 130720 Common Stock Dividends Distributable 98040 Paid-in Capital in Excess of Par-Common Stock 32680 May 15 # ommon Stock Dividends Distributable 98040 Common Stock 98040 July 1 No Entry No Entry No Entry Dec. 1 Cash Dividends 125818 Dividends Payable 125818 Dec. 31Income Summary 250000 Retained Earnings (To close net income) | Retained Earnings 250000 Dec. 31 207518 Cash Dividends 207518 To close cash dividends) Dec. 31 | | etained Earnings 130720 Stock Dividends 130720 To close stock dividends) Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous question ommon Stock Date Explanation Ref.Debit Credit Balance Balance Common Stock Dividends Distributable Date Explanation Debit Credit Balance Paid-in Capital in Excess of Par Value-Common Stock Date Explanation Ref Debit Credit Balance Balance Retained Earnings Date Explanation Ref Debit Credit Balance Balance Cash dividends Stock dividends Net income Cash Dividends Date Explanation Ref Debit Credit Balance Stock Dividends Date Explanation Ref Debit Credit Balance Stock Dividends Date Explanation Ref Debit Credit Balance Click if you would like to Show Work for this question: Open Show Work
