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The stockholders' equity section of Benton Corporation's balance sheet as of December 31, 2019, is as follows: Stockholders' Equity Common stock, $5 par value; 2,000,000 shares authorized; 400,000 shares issued Paid-in capital in excess of par Retained earnings $2,000,000 850,000 3,000,000 $5,850,000 Prepare the necessary journal entries for the following events which occurred during 2020: (4 points each) 30,000 shares of authorized and unissued common stock were sold for $8 per Jan. 5 share. Jan. 16 Declared a cash dividend of 20 cents per share, payable February 15 to stockholders of record on February 5. Feb. 15 Paid he cash dividend. Apr. 1 A 2 for 1 split was declared. Jul. 1 A 15% stock dividend was declared. Fair value is currently $10 per share. Jul. 25 The stock dividend was distributed. Apr. 1 A 2 for 1 split was declared. Jul. 1 A 15% stock dividend was declared. Fair value is currently $10 per share. Jul. 25 The stock dividend was distributed. Assume that net income for the year was $500,000. Prepare a Statement of Retained Earnings for 2020