On January 1, 2022, Geffrey Corporation had the following stockholders' equity accounts.

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. (Open additional stockholders' equity accounts as needed.)
c. Prepare a stockholders' equity section at December 31.

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During the year, the following transactions occurred. Apr. 1 July 1 Common Stock ($20 par value, 60,000 shares issued and outstanding) Paid-in Capital in Excess of Par-Common Stock Retained Earnings 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. 31 Dec. 1 31 $1,200,000 200,000 600,000 Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36. 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. Issued the shares for the stock dividend. Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2023. Determined that net income for the year was $350,000.