On January 1, 2014, Geffrey Corporation had the following stockholders' equity accounts.

Common Stock ($22par value,64,000 shares issued and outstanding) $1,408,000

Paid-in Capital in Excess of Par?Common Stock 190,900

Retained Earnings 566,700

During the year, the following transactions occurred.

Feb.1 Declared a$1cash dividend per share to stockholders of record on February 15, payable March 1.

Mar.1Paid the dividend declared in February.

Apr.1Announced a 2-for-1 stock split. Prior to the split, the market price per share was$37.

July1Declared a14%stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was$15per share.

31Issued the shares for the stock dividend.

Dec.1Declared a$0.50per share dividend to stockholders of record on December 15, payable January 5, 2015.

31Determined that net income for the year was$388,000.

During the vea r. the fnildwing transactions ddcurred. Feb. 1 Mar. 1 Marl. Annnuneed a 2*Jr-1 shack split. Prior to the split, the market pride per share was $31 Declared a 51 cash dividend per share td stdckhdlders df reimrd on February 1.5J payable March 1. Paid the dividend declared in Februarv. Julv 1 Declared a 14% steel: dividend III sbdckhdlders of record on July 15-r dish-ibutable Julv 31. On July 1r the market price at" the steel: was $15 per share. 31 Issued the shares for the shack dividend. DECI' Declared a $0.50 per share dividend tn stdckhdlders of record on December 15; payable JEI'ILIEr'f 5.l 2015. 31 Deben'nineid that net income for the year was $S-E. '{31 led malize the transactions and the closing entries far he! incdme and dividends. (Credit amount" ries are automaticaiiy indented when amount" is entered. Do for the amounts. 1'! no entry is required, seiec't "No entry\" for the accident tiries and enter a for the amounts.) Db mens- lnd Em Hi \"I Feh- 1 Cash Dividends 54,000 Dividends Pavatile 545100 e : 0.... new :I|:| new :II:I e... .......... :II:| aid-in Capital in Exces :| Common stock Divider :l I:I July 31 Common stock Divider I:I Common Stock |:| \"E'- 1 Cash Dividends :I |:| Dividends Pavatile |:| DE\":- 31 Income Summary Retain Earnings [Fdddsenetinmme] mummies :I|:| 5.... 00...... :I|:| [I'd ddse std-d: dividends} Remedies :I|:| Lemme :I|:| (Tn dnse cad: dividends] iilllllllliilli