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Dont get how to start it off, did it but unsure if correct ! PROBLEM 5 (12 points): On January 1, 2017, Getsi Corporation had

Dont get how to start it off, did it but unsure if correct ! image text in transcribed
PROBLEM 5 (12 points): On January 1, 2017, Getsi Corporation had the following stockholders' equity accounts. Common Stock ($10 par value, 100,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,000,000 200,000 450,000 During the year, the following transactions occurred. Jan. 15 Declared a $1 cash dividend per share to stockholders of record on January 31, payable February 15 Feb. 15 Paid the dividend declared in January Mar. 1 Apr 15 Issued 10,000 shares of common stock at $12 per share. 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 $13 per share. May 15 Issued the shares for the stock dividend June 20 Purchased 2,000 shares of its $10 par common stock at $15 per share. July 1 Announced a 2-for-1 stock split. The market price per share prior to the announcement was $17 Dec. 1 Declared a $0.50 per share cash dividend to stockholders of record on December 15, payable Jan.5, 2018 Dec. 31 Determined that net income for the year was $200,000. Instructions Jlourmalize the transactions and closing entries for net income and dividends. Note: Write clearly and use complete account names [do not abbreviate General Journal J1 Date Account Titles and Explanation Ref.Debit Credit

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