The stockholders' equity accounts of Blossom Corporation on January $1,2025,$ were as follows.

During $2025,$ the corporation had the following transactions and events pertaining to its stockholders' equity.

Mar. $1$ Issued $6,900$ shares of common stock for $$90$ per share.

June $22$ Purchased $1,600$ additional shares of common treasury stock at $$11$ per share.

Sept. $1$ Declared an $8\%$ cash dividend on preferred stock, payable October $1.$

Oct. $1$ Paid the dividend declared on September $1.$

Dec. $1$ Declared a $$0\mathrm{.}80$ per share cash dividend to common stockholders of record on December $15,$ payable December $31,$

$(1)$

$31$ Determined that net income for the year was $$128,000.$ Paid the dividend declared on December $1.$

Cash Dividends

Dividends Payable

Income Summary

Retained Earnings

$($To close net income$)$

Retained Earnings

Cash Dividends

$($To close dividends$)$

Dividends Payable

$($To record payment of the dividend declared on

December $1)$