On January 1, 2020, 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 ParCommon Stock		200,000
Retained Earnings		600,000

During the year, the following transactions occurred.

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.
31		Issued the shares for the stock dividend.
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.

On January 1, 2020, 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 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. Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36. July 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 1 share. 31 Issued the shares for the stock dividend. 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. Feb. 1 Cash Dividends 60000 Dividends Payable 60000 Mar. 1 Dividends Payable 0000 Cash 60000 | Apr.1 V No Entry No Entry July 1 Stock Dividends 156000 Common Stock Dividends Distributable 120000 Paid-in Capital in Excess of Par-Common Stock 36000 July 31 Common Stock Dividends Distributable common se 120000 Common Stock 120000 Dec 1 Cash Dividends 66000 Dividends Payable 66000 Dec 31 1 Income Summary 68000 Retained Earnings 68000 (To close net income) Dec 31 ) Retained Earnings 156000 156000 Stock Dividends (To close stock dividends) Dec 31 Retained Earnings 126000 Cash Dividends 126000