Problem 14-1A (Part Level Submission) On January 1, 2017, Geffrey Corporation had the following stockholders' equity accounts Common Stock ($26 par value, 55,500 shares issued and outstanding) ,000 Paid-in Capital in Excess of Par-Common Stock 202,000 637,000 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 Paid the dividend declared in February Mar. 1 Apr. 1 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $35 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 $15 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $o.30 per share dividend to stockholders of record on December 15, payable January 5, 2018 31 Determined that net income for the year was $361,500 CES Account Titles and Explanation Date Debit Credit Feb. 1 Cash Dividends 16650 Dividends Payable 16650 Mar. 1 Dividends Payable 16650 Cash 16650 Study Apr.1No Entry uly Stock Dividends 166500 Common Stock Dividends Distributablie 144300 Paid-in Capital in Excess of Par Common Stock 22200 uly 31 Common Stock Dividends Distributable 1443 Common Stock 44300 22200 OURCES Paid-in Capital in Excess of Par-Common Stock ework 144300 Duly 31 Common Stock Dividends Distributable 144300 Common Stock 3663 Dec. 1Cash Dividends 3663 Dividends Payable 361500 Dec: 31 Y Income Summary s by Study 361500 Retalned Earnings CTo close net income) 2:9780 Dec. 31 Retained Earnings 166500 Stock Dividends (To close stock dividends) 53280 Cash Dividends Dec. 31 (To close cash dividends)