On January $1,2022,$ Sandhill Corporation had the following stockholders' equity accounts.

Common Stock $($ $$20$ par value, $63,500$ shares issued and outstanding$)$ $$1,270,000$

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

$197,000$

Retained Earnings

$564,000$

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 $$38.$

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\mathrm{.}60$ per share dividend to stockholders of record on December $15,$ payable January $5,2023.$

$31$ Determined that net income for the year was $$300,500.$

Enter the beginning balances, and post the entries to the stockholders' equity accounts. $($Note: Open additional stockholders' equity accounts as needed.$)($Post entries in the order of journal entries presented in the previous part.$)$

Common Stock Dividends Distributable

Date Explanation Ref Credit Bebit $1$

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

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Retained Earnings

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