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Problem 14-01A a-c (Video) On January 1, 2020, Blossom Corporation had the following stockholders' equity accounts. Common Stock ($20 par value, 50,000 shares issued and outstanding) $1,000,000 Paid-in Capital in Excess of Par-Common Stock 190,000 Retained Earnings 550,000 Feb. 1 During the year, the following transactions occurred. Declared a $1 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 $14 per share. Issued the shares for the stock dividend. Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2021. Determined that net income for the year was $300,000. 31 Dec. 1 31 Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Feb. 1 Cash Dividends 50000 Dividends Payable 50000 Wh Mar. 1 Dividends Payable 50000 Cash 50000 Apr1 No Entry No Entry July 1 Stock Dividends 140000 Common Stock Dividends Distributable 100000 Paid-in Capital in Excess of Par-Common Stock 40000 July 31 Common Stock Dividends Distributable 1000001 Common Stock 100000 Dec 17 Cash Dividends 33000 Dividends Payable 33000 Dec. 31 Income Summary 300000 Retained Earnings 300000 (To close net income) Dec. 31 Retained Earnings 140000 140000 Stock Dividends (To close stock dividends) Dec. 31 Retained Earnings 83000 Cash Dividends 83000 (To close cash dividends) 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 Balance X Retained Earnings Date Explanation Ref Debit Credit Balance Balance Net income X X Stock dividend X Cash dividend Cash Dividends Date Explanation Ref Debit Credit Balance Stock Dividends Date Explanation Ref Debit Credit Balance Your answer is correct. Prepare a stockholders' equity section at December 31. (Enter account name only and do not provide descriptive information.) BLOSSOM CORPORATION Balance Sheet (Partial) December 31, 2020 Stockholders' Equity Paid-in Capital Capital Stock ve Common Stock 1100000 SU Additional Paid-in Capital Paid-in Capital in Excess of Par-Common Stock 230000 Total Paid-in Capital 1330000 Retained Eamnings 627000 Total Stockholders' Equity 1957000