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Explain how you got the numbers please, thank u Problem 14-1A (Part Level Submission) On January 1, 2017, Geffrey Corporation had the following stockholders' equity
Explain how you got the numbers please, thank u
Problem 14-1A (Part Level Submission) On January 1, 2017, Geffrey Corporation had the following stockholders' equity accounts. Common Stock ($20 par value, 60,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,200,000 200,000 600,000 During the year, the following transactions occurred. 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 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 31 Dec. 1 31 the stock was $13 per share. Issued the shares for the stock dividend. Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2018. Determined that net income for the year was $350,000Step by Step Solution
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