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 Dec. 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. (a) Journalize the transactions and the closing entries for net income and dividends. (Credit account titi for the account titles and enter o for the amounts. Record journal entries in the order prese Date Account Titles and Explanation Debit Credit Jan. 1 Jan. 5 > Feb. 1 Mar. 1 Apr.1 July 1 July 1 > July 31 (To close net income) Dec. 1 Cash Dividends (To close stock dividends) Dec. 31 (To close cash dividends)