Problem 11-4A: On January 1, 2015, Geffrey Corporation had the following stockholders equity accounts.

Common Stock ($20 par value, 58,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,160,000 209,400 642,500 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 $39 July 1 Declared a 14% stock dividend to stockholders of record on July 15, distributable July 31. On July 1, the market price of the stock was $14 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 $370,000. 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 o for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 1 Mar. 1 Apr. 1 July 1 N July 31 Dec. 1 Dec. 31 (To close net income) (To close stock dividends) (To close cash dividends) Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (Post entries in the order of journal entries presented in the previous part.) Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) entries in the order of journal entries presented in the previous part.) Debit Credit Balance Common Stock Date Explanation Ref Balance Adjusting Common Stock Dividends Distributable Date Explanation Ref Debit Credit Balance Paid-in Capital in Excess of Par Common Stock Date Explanation Ref Balance Debit Credit Balance Retained Earnings Date Debit Credit Balance Explanation Ref Balance Net income Stock dividend ash dividend L C Cash Dividends Date Explanation Ref Debit Credit Balance Stock Dividends Date Explanation Ref Debit Credit Balance Prepare a stockholders' equity section at December 31. (Enter account name only and do not provide descriptive information.) GEFFREY CORPORATION Balance Sheet (Partial) December 31, 2015 1044