On January 1, 2015, Geffrey Corporation had the following stockholders equity accounts.

Common Stock ($20 par value, 55,000 shares issued and outstanding) $1,100,000 Paid-in Capital in Excess of ParCommon Stock 191,800 Retained Earnings 633,600

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 $36.

July 1 Declared a 12% 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 $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2016.

31 Determined that net income for the year was $339,000. Collapse question part

(a) Journalize the transactions and the closing entries for net income and dividends.

(b)Enter the beginning balances, and post the entries to the stockholder's equity accounts. (c)Prepare a stockholders' equity section at Dec. 31.