Assignment Accounting

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

Common Stock ($22par value,54,000 shares issued and outstanding) $1,188,000

Paid-in Capital in Excess of ParCommon Stock 199,000

Retained Earnings 626,000

During the year, the following transactions occurred.

Feb.1 Declared a$3cash 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$35.

July1 Declared a10%stock dividend to stockholders of record on July 15, distributed July 31. On July 1, the market price of the stock was$15per share.

31 Issued the shares for the stock dividend.

Dec.1 Declared a$0.40per share dividend to stockholders of record on December 15, payable January 5, 2018.

31 Determined that net income for the year was$321,500.

the transactions and the closing entries for net income and dividends.

Date Account Titles and Explanation Debit Credit

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

Common Stock

Common Stock Dividends Distribute

Paid-in Capital in Excess of ParCommon Stock

Paid-in Capital in Excess of ParCommon Stock

Retained Earnings

Cash Dividends

Stock Dividends

Prepare a stockholders' equity section at December 31. Geoffrey CORPORATION Balance Sheet (Partial)