On January $1,2022,$ Cullumber Company had the following stockholders' equity accounts.

Common Stock $($$$20$ par value, $50,000$ shares issued and outstanding$)$

Paid$-$in Capital in Excess of Par$-$Common Stock

Retained Earnings

$$1,000,000$

$190,000$

$550,000$

During the year, the following transactions occurred.

Declared a $$1$ cash dividend per share to stockholders of record on February $15,$ payable March $1.$

Paid the dividend declared in February.

Announced a $2-$for$-1$ stock split. Prior to the split, the market price per share was $$35.$

Declared a $10\%$ stock dividend to stockholders of record on July $15,$ distributable July $31.$ On July $1,$ the market price of

the stock was $$14$ per share.

Issued the shares for the stock dividend.

Declared a $$0\mathrm{.}30$ per share dividend to stockholders of record on December $15,$ payable January $5,2023.$

Determined that net income for the year was $$300,000.$

Feb. $1$

Mar. $1$

Apr. $1$

July $1$

$31$

Dec. $1$

$31$

Date

$($a$)$

Journalize the transactions and the closing entries for net income and dividends. $($Record journal entries in the order presented in the

problem. 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 O for the amounts.$)$

Account Titles and Explanation

Debit

CreditOn January $1,2022,$ Cullumber Company had the following stockholders' equity accounts.

During the year, the following transactions occurred.

Feb. $1$ Declared a $$1$ 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 $10\%$ stock dividend to stockholders of record on July $15,$ distributable July $31.$ On July $1,$ the market price of

the stock was $$14$ per share.

$31$ Issued the shares for the stock dividend.

Dec. $1$ Declared a $$0\mathrm{.}30$ per share dividend to stockholders of record on December $15,$ payable January $5,2023.$

$31$ Determined that net income for the year was $$300,000.$

$($a$)$

Journalize the transactions and the closing entries for net income and dividends. $($Record journal entries in the order presented in the

problem. 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.$)$