PLEASE TYPE IT OUT AND DO NOT USE PEN AND PAPER!!

Accounting Principles P14.1A (LO 1. 2) Financial Statement on January 1, 2020, Geffrey Corporation had the following stockholders' equity accounts. Prepare dividend entries and stockholders' equity section. GLS Common Stock $1,200,000 ($20 par value, 60,000 shares issued and outstanding) Paid-in Capital in 200,000 Excess of Par- Common Stock 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 Accounting Principles 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 $0.50 per share dividend to stockholders of record on December 15. payable January 5, 2021. 31 Determined that net income for the year was $350,000 Accounting Principles is peiliai. 31 Issued the shares for the stock dividend. Dec. 1 Declared a $0.50 per share dividend to stockholders of record on December 15, payable January 5, 2021. 31 Determined that net income for the year was $350,000 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. (Note: Open additional stockholders' equity accounts as needed.) c. Prepare a stockholders' equity section at December 31. Total stockholders' equity $2,224,000