On January 1, 2020, Geffrey Corporation had the following stockholders' equity accounts. Ordinary shares ($15 par value, 80,000 shares issued and outstanding) $1,200,000 Share Premium-Ordinary 600,000 Retained Earnings 800,000 During the year, the following transactions occurred. Feb. 1 Declared a $1 cash dividend per share to stockholders. 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 $16. May 1 Declared a 20% stock dividend to stockholders of record on May 15, distributable May 31. On May 1, the market price of the stock was $10 per share. May 31 Issued the shares for the stock dividend. Dec. 1 Declared a $1 per share dividend to all existing stockholders. 31 Determined that net income for the year was $700,000. Instructions Journalize the above transactions and the closing entries. Prepare a shareholders' equity section at December 31