Problem 14-01A a-c (Part Level Submission) (Video) On January 1, 2020, Cullumber Corporation had the following stockholders' equity accounts. Common Stock ($26 par value, 58,500 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,521,000 192,000 622,000 During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 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 $38. Declared a 15% 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 $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2021. Determined that net income for the year was $359,000. Dec. 1 31 Journalize the transactions and the closing entries for net income and dividends. (Credit account titles required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal Date Account Titles and Explanation Debit Credit Feb. 1 Cash Dividends 58500 Dividends Payable 58500 Mar. 1 Dividends Payable 58500 Cash 58500 Apr. 1 No Entry No Entry July 1 Stock Dividends 245700 Common Stock Dividends Distributable 228150 Paid-in Capital in Excess of Par-Common Stock 17550 July 31 v Common Stock Dividends Distributable 228150 > Common Stock 228150 > Dec. 1 Cash Dividends 53820 Dividends Payable 53820 Dec. 31 v Income Summary 359000 Retained Earnings 359000 (To close net income) Dec. 31 v Retained Earnings 245700 245700 Stock Dividends (To close stock dividends) Dec. 31 Retained Earnings 112320 > Cash Dividends 112320 (To close cash dividends) (b) 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 part.) Common Stock Date Explanation Ref Debit Credit Balance Balance Common Stock Dividends Distributable Date Explanation Ref Debit Credit Balance Paid-in Capital in Excess of Par-Common Stock Date Explanation Ref Debit Credit Balance V Balance Retained Earnings Date Explanation Ref Debit Credit Balance Balance Net income Stock dividend Cash dividend Cash Dividends Date Explanation Ref Debit Credit Balance Stock Dividends Date Explanation Ref Debit Credit Balance