Question - On January 1, 2017, Geffrey Corporation had the following stockholders' equity accounts.
Common Stock ($24 par value, 65,000 shares issued and outstanding)$1,560,000Paid-in Capital in Excess of Par-Common Stock191,000Retained Earnings591,000
During the year, the following transactions occurred.
Feb. 1Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.Mar. 1Paid the dividend declared in February.Apr. 1Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36.July 1Declared a 10% 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. 31Issued the shares for the stock dividend.Dec. 1Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2018. 31Determined that net income for the year was $328,000.
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 0 for the amounts. Record journal entries in the order presented in the problem.)