GPS Enterprises Inc. produces aeronautical navigation equipment. The stockholders' equity accounts of GPS Enterprises Inc., with balances on January 1, 2008, are as follows:

The following selected transactions occurred during the year:

{Instructions}
1. Enter the January 1 balances in T accounts for the stockholders' equity accounts listed. Also prepare T accounts for the following: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends.
2. Journalize the entries to record the transactions, and post to the eight selected accounts.
3. Prepare a retained earnings statement for the year ended December 31, 2008.
4. Prepare the Stockholders' Equity section of the December 31, 2008, balance sheet.objs. 2, 3, 4, 6

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Common Stock, $20 stated value (250,000 shares authorized, 150,000 shares issued). Paid-In Capital in Excess of Stated Value Retained Earnings Treasury Stock (10,000 shares, at cost) $3,000,000 600,000 6,175,000 280,000