Accounting (24th) warren/reeve/duchac - page 616 PR 13-4A Entries for selected corporate transaction Tolbert Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Tolbert enterprises Inc., with balances on January 1, 2012 are as follows: common stock, $10 stated value (600,000 shares authorized, 400,000 shares issued) -$4,000,000 Paid-In capital in Excess of Stated Value - $750,000 Retained Earnings - $ 9,150,000 Treasury stock (40,000 shares, at cost) - $600,000 The following selected transactions occurred during the year: Jan 4. paid cash dividends of $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $46,800 Apr 3. Issued $75,000 shares of comon stock for $1,200,000 June 6. Sold all of the treasury stock for $725,000 July 1. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. Aug 15. Issued the certificates for the dividend declared on July 1. Nov 10. Purchased 25,000 shares of treasury stock for $500,000 Dec 27. Declared a $0.16-per-share dividend on common stock 31. Closed the credit balance of the income summary account, $950,000 31. Closed the two dividends accounts to Retained Earnings 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, 2012 4) Prepare the stockholders' Equity section of the December 31, 2012, balance sheet