AB 116 WEEK 8 PROBLEM 14-1A

AB 116 WEEK 8 Problem 14 1A
On January 1 2014 Geffrey Corporation had the following stockholders’ equity accounts.
Common Stock ($26 par value, 56,000 shares issued and outstanding)		$1,456,000
Paid-in Capital in Excess of Par—Common Stock		191,800
Retained Earnings		576,200

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.
July  1		Declared a 12% 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.  1		Declared a $0.40 per share dividend to stockholders of record on December 15, payable January 5, 2015.
31		Determined that net income for the year was $339,000.



	 
 
 	Your answer is correct. 
 	 
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. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)
Enter the beginning balances, and post the entries to the stockholders’ equity accounts. (Note: Open additional stockholders’ equity accounts as needed.) (Post entries in the order of journal entries presented in the previous part.)
Prepare a stockholders’ equity section at December 31. (Enter account name only and do not provide descriptive information.)