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

Common Stock ($24 par value, 64,000 shares issued and outstanding) $1,536,000

Paid-in Capital in Excess of ParCommon Stock 204,000

Retained Earnings 574,000 During the year, the following transactions occurred.

Feb. 1 Declared a $3 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 $38.

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 $15 per share.

31 Issued the shares for the stock dividend.

Dec. 1 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2018.

31 Determined that net income for the year was $318,500.

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

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