On January 1, 2020, Geffrey Corporation had the following stockholders' equity accounts. $1,200,000 Common Stock ($20 par value, 60,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings 200,000 600,000 During the year, the following transactions occurred. Feb. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1. 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. Issued the shares for the stock dividend. 31 Dec. 1 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2021. 31 Determined that net income for the year was $350,000. Date Account Titles and Explanation Debit Credit Feb. 1 Cash Dividends 60000 Dividends Payable 60000 Mar. 1 Dividends Payable 60000 Cash 60000 Apr 1 No Entry 0 No Entry July 1 Stock Dividends 156000 Common Stock Dividends Distributable 120000 Pald in Capitalin Excess of Par Common Stock 36000 July 31 Cornion Stock Dividends Distributable 120000 Common Stock 120000 Dec 1 Canh Dividends 66000 Dec. 31 Income Summary 350000 Retained Earnings 350000 (To close net income) Dec 31 : Retained Earnings 156000 Stock Dividends 156000 (To close stock dividends) Dec 31 : Ret sined Earning 126000 Cash Dividends 126000 (To close cash dividends) Common Stock Date Explanation Ref Debit Credit Balance Jan. 1 Balance 1200000 July 31 120000 1320000 Common Stock Dividends Distributable Date Explanation Ref Debit Credit Balance July 1 120000 120000 July 31 : 120000 Paid-in Capital in excess of Par-Common Stock Date Explanation Ref Debit Credit Balance Jan. 1 Balance 200000 July 1 . 36000 236000 Retained Earnings Date Explanation Ref Debit Credit Balance Jan 1 : Balance v 600000 Dec 31 Net income 350000 950000 Dec 31 4 Stock dividend 156000 794000 Dec 31 : Cash dividend 126000 668000 Cash Dividends Date Explanation Ref Debit Credit Balance Stock Dividends Date Explanation Ref Debit Credit Balance Stock Dividends Date Explanation Ref Debit Credit Balance