On January 1, 2017, Geffrey Corporation had the following stockholders’ equity accounts.
Common Stock ($24 par value, 65,000 shares issued and outstanding)$1,560,000Paid-in Capital in Excess of Par—Common Stock191,000Retained Earnings591,000
During the year, the following transactions occurred.
Feb. 1Declared a $1 cash dividend per share to stockholders of record on February 15, payable March 1.Mar. 1Paid the dividend declared in February.Apr. 1Announced a 2-for-1 stock split. Prior to the split, the market price per share was $36.July 1Declared a 10% 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. 31Issued the shares for the stock dividend.Dec. 1Declared a $0.30 per share dividend to stockholders of record on December 15, payable January 5, 2018. 31Determined that net income for the year was $328,000.
Journalize the transactions and the closing entries for net income and dividends. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.)
Why work with us?
Authenticity:
All of our papers are authentic, as each paper of ours is composed according to your unique requirements.
Confidentiality:
We value you data. Our company is extremely efficient in guarding the privacy of our clients.
100% Money Back Guarantee:
In the event you cancel your order, you get your money back as soon as possible, we give a 100% refund.
24/7 Support:
Our team members are available via email, live chat, and phone.
Revision Policy:
You can apply for a revision if you think your paper could be better. In this case, your paper will be revised either by the specialist assigned to you or by another writer.
How the Platform Works
- Click on 'Place Your Order' tab on the menu or click on 'Order Now' tab at the bottom and a new order page will appear
- Fill in your requirements depending on your needs under the 'PAPER DETAILS' area
- In the next section, fill in the academic level, required number of pages, paper deadline as provided in the drop-down menus.
- To enter your registration details, click on 'CREATE ACCOUNT & SIGN IN'. This step allows you to create an account with us for purposes of record-keeping. Click on 'PROCEED TO CHECK OUT' at the bottom of the page
- The next section requires you to fill in the payment details. Follow the guided process and soon your order will be available for our team to work on.