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

Common Stock ($20 par value, 60,000 shares issued and outstanding) 1,200,000

Paid in Capital in Excess of Par-Common Stock 200,000

Retained earnings 600,000

During that year, the following transactions occured.

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 1 - 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 the stock was $13 per share

July 31- Issued the shares for the stock dividend

Dec 1 - Declared a $0.50 per share dividend to stockholders of record on Dec 15, payable Jan 5, 2018

Dec 31 - Determined that net income for the year was $350,000

a) Journaize the transactions and the closing entries for net income and dividends

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

c) stockholders' equity section at Dec 31