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Please help. Problem 11-4A (Part Level Submission) On January 1, 2015, Geffrey Corporation had the following stockholders' equity accounts. Common Stock ($24 par value, 50,000
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Problem 11-4A (Part Level Submission) On January 1, 2015, Geffrey Corporation had the following stockholders' equity accounts. Common Stock ($24 par value, 50,000 shares issued and outstanding) $1,200,000 Paid-in Capital in Excess of Par-Common Stock 207,200 Retained Earnings 571,000 During the year, the following transactions occurred. Feb. 1 Declared a $3 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 13% 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 $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2016. 31 Determined that net income for the year was $395,000. Stock Dividends 195000 156000 Common Stock Dividen 39000 Paid-in Capital in Exces Common Stock Dividends 156000 156000 Common Stock > Cash Dividends 56500 56500 Dividends Payable 31 Income Summary 395000 395000 Retained Earnings (To close net income) Retained Earnings Stock Dividends (To close stock dividends) Retained Earnings 206500 Cash Dividends 206500 (To close cash dividends) ES manually. If no entry is required, select "No entry" for the account titles and enter o for the amou Date Account Titles and Explanation Debit Credit Feb. 1Cash Dividends 150000 Dividends Payable 150000 Mar. 17 Dividends Payable 150000 150000 Cash dy. Apr. No Entry 0 No Entry G Stock Dividends July 195000 Common Stock Dividen 156000 Paid-in Capital in Exces 39000 July 312 Common Stock Dividends 156000 156000 Common Stock Dec. Cash Dividends 56500 > 56500 Dividends Payable Step by Step Solution
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