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On January 1, 2022, Sandhill Corporation had the following stockholders equity accounts. ...

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Accounting

On January 1, 2022, Sandhill Corporation had the following stockholders equity accounts.

Common Stock ($20 par value, 63,500 shares issued and outstanding) $1,270,000
Paid-in Capital in Excess of ParCommon Stock 197,000
Retained Earnings 564,000

During the year, the following transactions occurred.

Feb. 1 Declared a $2 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 $38.
July 1 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.
31 Issued the shares for the stock dividend.
Dec. 1 Declared a $0.60 per share dividend to stockholders of record on December 15, payable January 5, 2023.
31 Determined that net income for the year was $300,500.

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