3. Prepare a statement of stockholders' equity for the year ended December 31, 20Y1. Assume that net income was $775,000 for the year ended December 31, 20Y1. For those boxes in which you must enter subtracted or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank or enter "o". Nav-Go Enterprises Inc. Statement of Stockholders' Equity For the Year Ended December 31, 20Y1 Paid-In Capital in Excess of Stated Value Paid-In Capital from Sale of Treasury Stock Retained Earnings Treasury Stock Common Stock Total Balances, January 1 - 3,100,000 $ 1,240,000 4,875,000 288,000 x s 8,927,000 Issued Common Stock 1,000,000 600,000 1,600,000 Net Income 775,000 775,000 Cash Dividends 63,568 X 63,568 x 184,500 x Stock Dividends 123,000 61,500 Sale of Treasury Stock 36,000 288,000 324,000 Purchase of Treasury Stock 300,000 x 300,000 x Balances, December 31 4,223,000 $ 1,901,500 36,000 s 5,401,932 $ 300,000 X 11,262,432 4. Prepare the "Stockholders' Equity" section of the December 31, 20Y1, balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Nav-Go Enterprises Inc. Balance Sheet December 31, 20Y1 Stockholders' Equity Paid-In Capital: Common Stock, s5 Stated Value (900,000 Shares Authorized, 844,600 Shares Issued) SS 4,223,000 Excess of Issue Price Over Stated Value 1,901,500 From Sale of Treasury Stock 36,000 Total Paid-In Capital S$ 6,160,500 Retained Earnings 5,401,932 Total S$ 11,562,432 Treasury Stock (50,000 Shares at Cost) 300,000 x Total Stockholders' Equity S$ 11,262,432 Entries for Selected Corporate Transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders' equity accounts, with balances on January 1, 2011, are as follows: $3,100,000 1,240,000 Common Stock, $5 stated value (900,000 shares authorized, 620,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (48,000 shares, at cost) 4,875,000 288,000 The following selected transactions occurred during the year: Jan. 15. Paid cash dividends of $0.06 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $34,320. Mar. 15. Sold all of the treasury stock for $6.75 per share. Apr. 13. Issued 200,000 shares of common stock for $8 per share. June 14. Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is $7.50 per share. July 16. Issued stock for stock dividend declared on June 14. Oct. 30. Purchased 50,000 shares of treasury stock for $6 per share. Dec. 30. Declared an $0.08-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. 3. Prepare a statement of stockholders' equity for the year ended December 31, 20Y1. Assume that net income was $775,000 for the year ended December 31, 20Y1. For those boxes in which you must enter subtracted or negative numbers use a minus sign. If an amount box does not require an entry, leave blank or enter "0". Nav-Go Enterprises Inc. Statement of Stockholders' Equity For the Year Ended December 31, 2041 Paid-In Capital in Excess of Stated Value Paid-In Capital from Sale of Treasury Stock Retained Earnings Treasury Stock Common Stock Total Balances, January 1 $ 4,875,000 Net Income x Cash Dividends - X Stock Dividends - 4. Prepare the "Stockholders' Equity" section of the December 31, 2041, balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Nav-Go Enterprises Inc. Balance Sheet December 31, 20Y1 Stockholders' Equity Paid-In Capital: S: Total Paid-In Capital Ss Total ss Total Stockholders' Equity
