On January 1, 2020, Sunland Corporation had the following stockholders' equity accounts. Common Stock ($24 par value, 65,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,560,000 191,000 591,000 During the year, the following transactions occurred. Feb. 1 Mar. 1 Apr. 1 July 1 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 $36. 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 $328,000. 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 Fepli Cash Dividends 25,000 Dividends payable Marlo Dividends Tayable 10.000 Cash 65.000 Apr1: No Entry No Entry Julyd Stock Dividends! Pd. in cap. in Excess I Common Stock Dividends, July 31 Common Stock Dividends. Common Stock de cosh Dividends Dividends Payable DAC30 Income Summary Retained Earnings DEC 31 Petained Eamings Stock Dividends (To close stock dividends) Lec3 Retained Earnings Cash Dividends (To close net income) (To close cash dividends) 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 the previous part.) Common Stock Date Explanation Ref Debit Credit Balance nl Balance July31 Common Stock Dividends Distributable Date Explanation Ref Debit Credit Balance Tuy cuy31 Paid-in Capital in Excess of Par Common Stock Date Explanation Ref Debit Credit Balance Jan Balance w Retained Earnings Date Explanation Ref Debit Credit Balance Dan Balance C3 Net income Stock dividend Cash dividend Cash Dividends Date Explanation Ref Feble Debit Credit Balance Dec 31 Stock Dividends Date Explanation Ref Debit Credit Balance July TC 31 Prepare a stockholders' equity section at December 31. (Enter account name only and do not provide descriptive information.) SUNLAND CORPORATION Balance Sheet (Partial)
