Question: 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 previous part.

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Problem 14-01A a-c (Part Level Submission) (Video) On January 1, 2020, Cullumber Corporation had the following stockholders' equity accounts. Common Stock ($20 par value, 62,000 shares issued and outstanding) $1,240,000 Paid-in Capital in Excess of Par-Common Stock 191,000 Retained Earnings 636,000 During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 31 Dec. 1 31 Declared a $2 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 $35. 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 $15 per share. Issued the shares for the stock dividend. Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2021. Determined that net income for the year was $386,000. Your answer is correct. Journalize the transactions and the dosing entries for net income and dividends. (Credit account titles are automatically indented when amount is entered. Do non enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Tities and Explanation Debit Credit Feb. 1 Cash Dividends 124000 Dividends Payable 124000 Dividends Payable 24000 ES (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 per Common Stock Date Explanation Ref Debit Credit Balance Part Balance Common Stock Dividends Distributable Date Explanation Ref Debit Credit Balance Study Paid in Capital in Excess of Par-Common Stock Date Explanation Ref Debit Credit Balance Balance Retained Earnings Date Explanation Red Debit Credit Balance - Balance et income - Stock didend - Cash dividend Cash Dividends Credit Balance Cash Dividends Date Explanation Ref Debit Credit Balance Stock Dividends Date Explanation Ref Debit Credit Balance Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT (c) The parts of this question must be completed in order. This part will be available when you Journalize the transactions and the closing entries for net income and dividends. (Credit account Hitles are aut order presented in the problem.) Date Account Titles and Explanation Debit Credit Pas Feb. 1 Cash Dividends 124000 T T 124000 T T 124000 T Dividends Payable Dividends Payable I Cash No Entry T No Entry Stock Dividends T OT ET T o T 279000 T Common Stock Dividends Distributable IT IT 186000 Paid-in Capital in excess of Par-Common Stock IT 93000 IT OT Common Stock Dividends Distributable Common Stock 186000 Cash Dividends T 7 1300 T Dividends Payable Income Summary 396000T Retained Earnings IT IT (To close net income) 386000 Retained Earnings Stock Dividends (To close stock dividends) 279000 Retained Earnings 195300 Cash Dividends (To dose cash dividends) 195300 Chick w you would like to show Work for this questions Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO TEXT Type here to search