Problem 14-01A a-c (Video) On January 1, 2020, Blossom Corporation had the following stockholders' equity accounts. Common Stock ($26 par value, 55,500 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,443,000 202,000 637,000 During the year, the following transactions occurred. Feb. 1 Declared a $3 cash dividend per share to stockholders of record on February 15, payable March 1. Mar. 1 Paid the dividend declared in February. Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35. July 1 Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $15 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2021. 31 Determined that net income for the year was $361,500. Journalize the transactions and the closing entries for net income and dividends. (Credit account titles Entry" for the account titles and enter o for the amounts. Record journal entries in the order Date Account Titles and Explanation Debit Credit (To close net income) (To close stock dividends) (To close cash dividends) Enter the beginning balances, and post the entries to the stockholders' equity accounts. part.) Common Stock Date Explanation Ref Debit Credit Balance Balance v Common Stock Dividends Distributable Date Explanation Ref Debit Credit Balance Paid-in Capital in Excess of ParCommon Stock Date Explanation Ref Debit Credit Balance 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 Prepare a stockholders' equity section at December 31. (Enter account name o BLOSSOM CORPORATION Balance Sheet (Partial December 31, 2020