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Problem 14-1A On January 1, 2017, Geffrey Corporation had the following stockholders' equity accounts Common Stock ($26 par value, 56,500 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings $1,469,000 200,000 611,000 During the year, the following transactions occurred Feb. 1 Declared a $2 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 $38 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. Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2018 31 Determined that net income for the year was $398,500 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.) Debit Credit Account Titles and Explanation Cash Dividends Dividends Payable Date Feb. 1 Mar. 1 dends Payable Cash Apr1 No Entry No Entry July 1 Stock Dividends Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Common Stock Dividends Distributable July 31 Common Stock

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