Reference no: EM133153708

Question - On January 1, 2022, Cullumber Corporation had the following stockholders' equity accounts.

Common Stock (no par value, 93,000 shares issued and outstanding) $1,445,000

Retained Earnings 481,000

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 3-for-1 stock split. Prior to the split, the market price per share was $39.

July 1 Declared a 5% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $12 per share.

July 31 Issued the shares for the stock dividend.

Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2023.

Dec. 31 Determined that net income for the year was $357,000.

Required - Make the stockholders equity section of the balance sheet at March 31.