Problem 11-4A (Part Level Submission) On January 1, 2017, Geffrey Corporation had the following stockholders' equity accounts Common Stock ($20 par value, 60,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,200,000 200,000 600,000 During the year, the following transactions occurred. Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1 Paid the dividend declared in February Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36. 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. Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2018. Determined that net income for the year was $350,000. Feb. 1 Mar. 1 Apr. 1 July 1 31 Dec. 1 31 Account Titles and Explanation Debit Credit Date Feb. 1 Cash Dividends 60000 Dividends Payable 60000 Dividends Payable 60000 Mar. 1 60000 Cash Apr.1 No Entry No Entry Stock Dividends July 1 Paid-in Capital in Excess O1 Common Stock Dividends July 31 Common Stock Dividends Common Stock Cash Dividends Dec. 1 Dividends Payable Income Summary Dec. 31 Retained Earnings (To close net income) Retained Earnings Dec. 31 Stock Dividends (To close stock dividends) Retained Earnings Dec. 31 Retained Earnings Dec. 31 Cash Dividends (To close cash dividends)