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Retained Earnings Date Explanation Ref Balance Net income Stock dividend Cash dividend Debit Cash dividend Credit Balance Balance Cash Dividends Date Explanation Ref Debit Credit Balance Balance Stock Dividends Date Explanation Ref Debit Credit Balance Joumalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when amount is entered entries in the order presented in the problem.) Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity ar July 31 Common Stock Dlvidends Dlstrlbutable Common Stock. Dec. 1 Dec. 31 Income Summary Retalned Earnings (To close net income) Dec. 31 Retalned Earnings Stock Dlvidends (To close stock dividends) Retalned Earnings Cash Dlvidends (To close cash dividends) 186000 On January 1, 2022, Cullumber Corporation had the following stockholders' equity accounts. 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 \$0.50 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. Prepare a stockholders' equity section at December 31. (Enter account name only and do not provide descriptive information.)

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