Problem 14-1A On January 1, 2017, Geffrey Corporation had the followingstockholders’ equity accounts. Common Stock ($22 par value, 54,000 shares issued andoutstanding) $1,188,000 Paid-in Capital in Excess of Par—Common Stock 199,000 Retained Earnings 626,000 During the year, the following transactions occurred. Feb. 1 Declared a $3 cash dividend per share to stockholders of recordon 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 marketprice per share was $35. July 1 Declared a 10% stock dividend to stockholders of record on July15, distributable July 31. On July 1, the market price of the stockwas $15 per share. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.40 per share dividend to stockholders of recordon December 15, payable January 5, 2018. 31 Determined that net income for the year was $321,500.

1. Journalize the transactions and the closing entries for netincome and dividends. (Credit account titles areautomatically indented when amount is entered. Do not indentmanually. If no entry is required, select "No Entry" for theaccount titles and enter 0 for the amounts. Record journal entriesin the order presented in the problem.) 2.Enter the beginning balances, andpost the entries to the stockholders’ equity accounts.(Note: Open additional stockholders’ equity accounts asneeded.) (Post entries in the order of journal entriespresented in the previous part.) 3.Prepare a stockholders’ equitysection at December 31