Problem 11-7A (Part Level Submission) On January 1, 2019, Metlock, Inc. had the following stockholders' equity accounts. Common Stock ($10 par value, 82,100 shares issued and outstanding) $821,000 Paid-in Capital in Excess of Par Value-Common Stock 206,000 Retained Earnings 566,000 During the year, the following transactions occurred. Jan. 15 Declared a $1.12 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 $13. (The new par value is $5.) Dec. 1 Declared a $0.60 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 $290,000. Apr. 15 - Stock Dividends Common Stock Dividends Distributable 82100 T Paid-in Capital in Excess of Par-Common Stock 49260 May 15 | Common Stock Dividends Distributable Common Stock 82100 July 1 : No Entry No Entry Dec. 1 al cash Dividends OG MI ODTECTUETTEI HD AT OTHTITHTHEUI | Dividends Payable 32512 Dec. 31 4 (retained Earnings 124464 Cash Dividends 124464 (To close cash dividends) Dec. 31 | Retained Earnings T Stock Dividends 131360 (To close stock dividends) Dec. 31 | Income Summary 290000 | Retained Earnings 290000 (To close net income)