Question No. 02: On January 1, 2019, Geffrey Corporation had the following stockholders' equity accounts: Common Stock ($20 par value, 50,000 shares issued and outstanding)$1,000,000 Paid-in Capital in Excess of Par-Common Stock 400,000 Retained Earnings 500,000 During the year, the following transactions occurred. Feb. 1 Declared a $2 cash dividend per share to stockholders. 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 $30. May1 Declared a 10% stock dividend to stockholders of record on May 15, distributable May 31. On May 1, the market price of the stock was $12 per share. 31Issued the shares for the stock dividend. Dec. 1 Declared a cash $0.50 per share dividend to all existing stockholders. 31Determined that net income for the year was $200,000, Instructions 1. Journalize the transactions and the closing entries for net income and dividends. Prepare a stockholders' equity section at December 31. 2