Never use plagiarized sources. Get Your Original Essay on
Question: On January 1, 2015, Geffrey Corporation had the following stockholders’ equity accounts. Commo…
Hire Professionals Just from $11/Page
Order Now Click here

On January 1, 2015, Geffrey Corporation had the following
stockholders’ equity accounts.

Common Stock ($20 par value, 58,000 shares issued and
outstanding)
$1,160,000
Paid-in Capital in Excess of Par—Common Stock 199,800
Retained Earnings 646,600

During the year, the following transactions occurred.

Feb. 1 Declared a $3 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 $39.
July 1 Declared a 13% 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.
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, 2016.
31 Determined that net income for the year was $329,000.

Question: On January 1, 2015, Geffrey Corporation had the followingstockholders’ equity accounts.Commo...

Question: On January 1, 2015, Geffrey Corporation had the followingstockholders’ equity accounts.Commo...

Question: On January 1, 2015, Geffrey Corporation had the followingstockholders’ equity accounts.Commo...

Journalize the transactions and the closing entries for net
income and dividends.

Open chat
Lets chat on via WhatsApp
Hello, Welcome to our WhatsApp support. Reply to this message to start a chat.