P$11\mathrm{.}4($LO $3,4),$ AP On January $1,2027,$ 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.$1$ 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 $10\%$ 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. $1$ Declared a $$0\mathrm{.}50$ per share dividend to stockholders of record on December $15,$ payable January $5,2028.$

$31$ 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 $31.$

$--$ Total stockholders$$ equity $$2,224,000$

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