On January 1, 2017, Geffrey Corporation had the following stockholders equity accounts. Common Stock ($26 par value, 58,000 shares issued and outstanding) $1,508,000 Paid-in Capital in Excess of ParCommon Stock 199,000 Retained Earnings 553,000 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 $37. 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 $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2018. 31 Determined that net income for the year was $396,500. Collapse question part (a) Journalize the transactions and the closing entries for net income and dividends.

Question 1 On January 1, 2017, Geffrey Corporation had the following stockholders' equity accounts. Common Stock ($26 par value, 58,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,508,000 199,000 553,000 During the year, the following transactions occurred Feb. 1 Mar. 1 Apr. 1 July 1 Declared a $2 cash dividend per share to stockholders of record on February 15, payable March 1 Paid the dividend declared in February Announced a 2-for-1 stock split. Prior to the split, the market price per share was $37 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 Issued the shares for the stock dividend Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2018 Determined that net income for the year was $396,500 31 Dec. 1 31 Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Feb. 1 Mar. 1 Apr. 1 July 1 July 31 # Dec. 1