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 an. 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 wa May 15 Issued the shares for the stock dividend uly 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. e are Your answer is partially correct. Try again. 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 a 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 98040 Jan. 15 Cash Dividends 98040 Dividends Payable 98040 Feb. 15% | | Dividends Payable 98040 Cash 98040 Apr. 15% | |Stock Dividends 130720 Common Stock Dividends Distributable 98040 Paid-in Capital in Excess of Par-Common Stock 32680 May 15Common Stock Dividends Distributable 98040 Common Stock 98040 July 1-OTCommon Stock 98040 Paid-in Capital in Excess of Par-Common Stock 98040 July 1 llCommon Stock 98040 Paid-in Capital in Excess of Par-Common Stock 98040 Dec. 1 Paid-in Capital from Treasury Stock 114380 Dividends Payable 114380 Dec. 31 / Income Summary 250000 Retained Earnings 250000 (To close net income) Dec. 31 | | etained Earnings 98040 Cash Dividends 98040 (To close cash dividends) Dec. 31 Retained Earnings 130720 Stock Dividends 130720 To close stock dividends)