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

Common Stock $($$$20$ par value, $60,000$ shares issued and

outstanding$)$$$1,200,000$Paid$-$in Capital in Excess of Par$$Common Stock$200,000$Retained Earnings$600,000$

During the year, the following transactions occurred.

Feb$\mathrm{.}1$Declared a $$1$ cash dividend per share to stockholders of record on February $15,$ payable March $1.$Mar$\mathrm{.}1$Paid the dividend declared in February.Apr$\mathrm{.}1$Announced a $2-$for$-1$ stock split. Prior to the split, the market price per share was $$36.$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 $$13$ per share.$31$Issued the shares for the stock dividend.Dec$\mathrm{.}1$Declared a $$0\mathrm{.}50$ per share dividend to stockholders of record on December $15,$ payable January $5,2023.31$Determined that net income for the year was $$350,000.$

Instructions

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

Enter the beginning balances, and post the entries to the stockholders$$ equity accounts. $($Use T$-$accounts.$)($Note: Open additional stockholders$$ equity accounts as needed.$)$

Prepare the stockholders$$ equity section at December $31.$

c$.$ Total stockholders$$ equity $$2,224,000$

Prepare stockholders$$ equity section and compute allocation of dividends.