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On January $1,2022,$ 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. $1$ 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 $$35.$

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\mathrm{.}50$ per share dividend to stockholders of record on December $15,$ payable January $5,2023.$

$31$ Determined that net income for the year was $$386,000.$

$($a$)$

Correct Answer

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 $0$ for the

amounts. Record journal entries in the order presented in the problem.$)$

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