On January

$1$

$,$

$2$

$0$

$2$

$2$

$,$

$$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

$1$

$5$

$,$

$$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 $

$3$

$5$

$.$

July

$1$

$$Declared a

$1$

$0$

$\%$

$$stock dividend to stockholders of record on July

$1$

$5$

$,$

$$distributable July

$3$

$1$

$.$

$$On July

$1$

$,$

$$the market price of

the stock was $

$1$

$4$

$$per share.

$3$

$1$

$$Issued the shares for the stock dividend.

Dec.

$1$

$$Declared a $

$0$

$.$

$3$

$0$

$$per share dividend to stockholders of record on December

$1$

$5$

$,$

$$payable January

$5$

$,$

$2$

$0$

$2$

$3$

$.$

$3$

$1$

$$Determined that net income for the year was $

$3$

$0$

$0$

$,$

$0$

$0$

$0$

$.$

$($

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.

$)$Enter the beginning balances, and post the entries to the stockholders' equity accounts. $($Use T$-$accounts.$)($Note: Open additional

stockholders' equity accounts as needed.$)($Post entries in the order of journal entries presented in the previous part. Select the date for

closing balances even in case of zero balance.$)$

Common Stock

Retained Earnings

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

Common Stock Dividends Distributable