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P14-1C On January 1, 2017, Gladow Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 100,000 shares issued and outstanding Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,000,000 200,000 540,000 During the year, the following transactions occurred. Jan. 15 Declared a $1 cash dividend per share to stockholders of record on January 31, Feb. 15 Paid the dividend declared in January payable February 15. Declared a 15% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $15 per share. Issued the shares for the stock dividend. Announced a 2-for-1 stock split. The market price per share prior to the announcement was $17. (The new par value is $5.) Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable January 10, 2018. Determined that net income for the year was $250,000. Apr. 15 May 15 July 1 Dec. 1 31 Instructions (a) Journalize the transactions and the closing entry for net income. (b) Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (c) Prepare a stockholders' equity section at December 3 1

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