On January 1, 2014, Geffrey Corporation had the following stockholders equity accounts. Common Stock ($24 par value, 70,000 shares issued and outstanding) $1,680,000 Paid-in Capital in Excess of ParCommon Stock 193,600 Retained Earnings 636,900 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 15% 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, 2015. 31 Determined that net income for the year was $348,000.