2. Jan. 22 40 41 42 43 45 46 47 48 49 July 5 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 31 66 equity. PR 13-4A Entries for selected corporate transactions OR.3, 4.5,7 Morrow Enterprises Inc, manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2045, are as follows: Common Stock $20 stated value (500,000 shares authorized 375,000 shares issued) $7,500,000 Paid In Capital in Excess of Stated Value-Common Stock 305.000 Retained Earnings 33,600,000 Treasury Stock 025,000 shares, at a cost of 518 per share) 450,000 The following selected transactions occurred during the year Jan. 22. Paid cash dividends of $0.08 per sure on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $28,000 Apr. 10. Issued 75,000 shares of common stock for $24 per share. June 6. Sold all of the treasury stock for $26 per share. July 5. Dectared a % stock dividend on common stock, to be capitalized at the mar- ket price of the stock, which is $25 per share. Chapter 13 Corporations: Organization, Stock Transactions, and Dividends 667 Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 30,000 shares of treasury stock for $19 per share Dec. 28. Declared a $0.10-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. Instructions 1. Enter the January 1 balances in T accounts for the stockholders' equily 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, 2015 1. Prepare the Stockhokers Equity section of the December 31, 2045, balance sheets ing Method 1 of Exhibit