Reference no: EM132601045

On January 1, 2017, Geffrey Corporation had the following stockholders' equity accounts

Common Stock ($20 par value, 60,000 shares issued and outstanding) 1,200,000

Paid in Capital in Excess of Par-Common Stock 200,000

Retained earnings 600,000

During that year, the following transactions occured.

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 2 for 1 stock split. Prior to the split, the market price per share was $36

July 1- Declared a 10% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $13 per share

July 31- Issued the shares for the stock dividend

Dec 1 - Declared a $0.50 per share dividend to stockholders of record on Dec 15, payable Jan 5, 2018

Dec 31 - Determined that net income for the year was $350,000

Question a) Journaize the transactions and the closing entries for net income and dividends

Question b) Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: open additional stockholders' equity accounts as needed)

Question c) stockholders' equity section at Dec 31