On January 1, 2020, Cullumber Company had the following stockholders' equity accounts. Common Stock ($10 par value, 75,000 shares issued and outstanding) $750,000
Paid-in Capital in Excess of Par-Common Stock 180,000
Retained Earnings 500,000

During the year, the following transactions occurred.

Jan. 15 Declared a $1.00 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 5% stock dividend to stockholders of record on April 30, distributable
May 15. On April 15, the market price of the stock was $15 per share.
May 15 Issued the shares for the stock dividend.
July 1 Announced a 2-for-1 stock split. The market price per share prior to the announcement was $13. (The new par value is $5.)
Dec. 1 Declared a $0.40 per share cash dividend to stockholders of record on December 15, payable January 10, 2021.
Dec. 31 Determined that net income for the year was $200,000.

Required:
Journalize the transactions and the closing entries for net income and dividends.