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  3. on january 1, 2017, geffrey corporation had the fo

On January 1, 2017, Geffrey Corporation had the following stockholders' equity accounts. Ordinary shares ($20...

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Accounting

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On January 1, 2017, Geffrey Corporation had the following stockholders' equity accounts. Ordinary shares ($20 par value, 60,000 shares issued and outstanding) $1,200,000 Share primum-ordinary shares 200,000 Retained Earnings 600,000 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. 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 $36. a 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 $13 per share. 31 Issued the shares for the stock dividend. . Dec. 1 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2018 . 31 Determined that net income for the year was $350,000. Instructions: (a) Journalize the transactions and the closing entries for net income and dividends. (b) Enter the beginning balances and post the entries to the stockholders' equity accounts. (Note: Open additional stockholders' equity accounts as needed.) (c) Prepare a stockholders' equity section on December 31

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