Question

On January 1, 2017, Culver Corporation had these stockholders’ equity accounts. Common Stock ($10 par value,...

On January 1, 2017, Culver Corporation had these stockholders’ equity accounts.
Common Stock ($10 par value, 81,500 shares issued and outstanding) $815,000
Paid-in Capital in Excess of Par Value 483,000
Retained Earnings 620,000

During the year, the following transactions occurred.
Jan. 15 Declared a $0.70 cash dividend per share to stockholders of record on January 31, payable February 15.
Feb. 15 Paid the dividend declared in January.
Apr. 15 Declared a 10% stock dividend to stockholders of record on April 30, distributable May 15. On April 15, the market price of the stock was $14 per share.
May 15 Issued the shares for the stock dividend.
Dec. 1 Declared a $0.70 per share cash dividend to stockholders of record on December 15, payable January 10, 2018.
Dec. 31 Determined that net income for the year was $353,000.

Journalize the transactions. (Include entries to close net income and dividends to Retained Earnings.

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