Problem 14-1A (Part Level Submission) On January 1, 2017, Geffrey Corporation had the following stockholders' equity accounts. Common Stock ($26 par value, 58,500 shares issued and outstanding) $1,521,000 Paid-in Capital in Excess of Par-Common Stock 192,000 Retained Earnings 622,000 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. 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 $38. July 1 Declared a 15% 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. Issued the shares for the stock dividend. Dec. 1 Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2018 Determined that net income for the year was $359,000. Mar. 1 31 31 Journalize the transactions and the closing entries for net income and dividends. (Credit accounties ar no entry is required, select "No Entry" for the account titles and enter o for the amounts Record Date Account Titles and Explanation Debit Credit Feb. 1 Cash Dividends 58500 Dividends Payable 58500 Mar. 1 Dividends Payable 58500 Cash 58500 IS Apr.1 No Entry No Entry > July 1 245700 Common Stock Dividends Distributable x X > July 31 Common Stock Dividends Distributable Apr. 1 No Entry No Entry July 1 245700 Common Stock Dividends Distributable X July 31 Common Stock Dividends Distributable SX Common Stock I Dec. 1 v Cash Dividends 53820 Dividends Payable 53820 Dec. 31 Income Summary 359000 Retained Earnings 359000 (To close net income) > Dec. 31 Retained Earnings 245700 > Stock Dividends 2457001