ESOURCES mework (Part on) (Part on) (Part on Problem 14-1A (Part Level Submission) On January 1, 2017, Geffrey Corporation had the following stockholders' equity accounts. Common Stock ($24 par value, 63,000 shares issued and outstanding) $1,512,000 Paid-in Capital in Excess of Par-Common Stock 206,000 Retained Earnings 636,000 During the year, the following transactions occurred. Feb. 1 Declared a $2 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 $40. July 1 Declared a 15% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 Issued the shares for the stock dividend. Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2018. 31 Determined that net income for the year was $326,500. by Study 31 Dec. 1 Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when amount entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in Date Account Titles and Explanation Debit Credit Feb. 1 Retained Earnings 126000 Dividends Payable 126000 Mar. 1 MacBook Air DOO Du 80 F3 F2 55 57 58