Subm On January 1, 2017. Geffrey Corporation had the following stockholders equi

Question

Subm On January 1, 2017. Geffrey Corporation had the following stockholders equity accounts $1,416,000 Paid-in Capital in Excess of Par.c Retained Earnings 559.000 During the year, the following transactions occurred. of record on February 15, payable March 1. Feb. 1 Mar. 1 Apr Decared a $3 cash d Paid the dividend declared in February uly a·S% stock dividend to stockholders or record on July 15, distributable July 31. On July 1, the markat price of the stock was $14 share. 3 Issued the shares for the stock dividend. (a) account titles are automatically indented when amount is entered. Do not indent manually, It no entry is required, select "No in the 177,000

Explanation / Answer

1-Feb Cash dividends 177000 =59000*3         Dividends payable 177000 1-Mar Dividends payable 177000         Cash 177000 1-Apr No entry 1-Jul Retained earnings 247800        Common Stock Dividends Distributable 212400 =59000*2*15%*12        Paid-in Capital in Excess of Par Value 35400 31-Jul Common Stock Dividends Distributable 212400        Common Stock 212400 1-Dec Cash dividends 81420 =59000*2*1.15*0.6         Dividends payable 81420 31-Dec Income Summary 332500         Retained Earnings 332500

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