Assignment - Homework 36,000,000 1.150.000 12.620,000 Entries for Selected Corporate Transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders' equity accounts, with balances on January 1, 20Y1, are as follows: Common Stock, $10 stated value (900,000 shares authorized, 600,000 shares issued) Paid In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (60,000 shares, at cost) The following selected transactions occurred during the year: m. 15. Pald cash dividends of $0.14 per share on the common stock. The dividend had be properly recorded when declared on December 1 of the preceding fiscal year for $75,600 Mwis. Sold all of the treasury stock for $18 per share. Her 13 ). Issued 115,000 shares of common stock for $1,840,000. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. sy 16. Issued shares of stock for the stock dividend declared on June 14. Det. 39. Purchased 38,000 shares of treasury stock for $20 per share. Dec. 31. Declared a $0.17-per-share dividend on common stock. 11. Closed the two dividends accounts to Retained Earnings. Required: 1. The January 1 balances have been entered in Taccounts for the stockholders' equity accounts. Record the above transactions in the Taccounts and provide the December 31 balance where appropriate. If required, round to one decimal place. Common Stock 6.000.000 1.150.000 Paid-In Capital in Excess of Stated Value- Common Stock 600.000 2010 2,000,000 Retained Earnings De 13.630,000 Dec 31 Peca Previous Assignment Homework Man 1 Bal Oct. Treasury Stock 900,000 Mars 760,000 760,000 900,000 Dec. 31 Paid-In Capital from Sale of Treasury Stock 180.000 Stock Dividends Distributable 28.000 286,000 Stock Dividends 514,00 31 June 14 $14.00 Cash Dividends 119,952 Dec. 31 Dec. 30 2. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 15. Paid cash dividends of $0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $75,600 Date Creo Account Cash Dividends Payable Det 75,600 75,600 Mar. 15. Sold all of the treasury stock for $18 per share. Date Account 1,050,00 Treasury Stock Paldin Capital From Sale of Treasury Stock 900,000 180,000 Credit Apr. 13. Issued 115,000 shares of common stock for $1,840,000 Account Apr 13 Cash 1,840,000 Common Stock Paid In Capital in of Stated Value-Common Stock 1,150,000 June 14. Declared a 4% on common stock, to be capitalized at the market price of the stock, which is $18 per share. Credin Dean 514.000 Date Account une 14 Stuck widende Stock Dividends Distributable Pain Capital incess of stated Value-Common Stock 286,000 225.000 Assignment 2 Homework Credit 514.00 Date Account June 14 Stock Dividends Stock Dividends Distributable Paid In Capital in Excess of stated Value-Common Stock 286.000 226,000 July 16. Issued stock for stock dividend declared on June 14. Cred Date [July 16 Account Stock Dividends Distributable Common Stock 26.000 20.00 Oct. 30. Purchased 38,000 shares of treasury stock for $20 per share. Account Date Oct 30 780,000 Treasury Stock Cash 760,000 Dec. 30. Declared a $0.17-per-share dividend on common stock. Date Dec. 3o Account Cash Dividende Cash Dividends Payable 118.45 Dec. 31. Closed the two dividends accounts to Retained Earnings. Debit Dec. 31 Account Retained Earning Stock Dividende 514.00 Cash Dividende 3. Prepare a statement of stockholders' equity for the year ended December 31, 20Y1. Assume that net income was $14,165,000 for the year ended December 31, 2011. 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, 2041 Capital from Sale of Treasury Stock Capital in Excess of Common Stock Stated Value 6.000.000 $1,150,00 1,150,00 690.000 Retained Earnings $12.620,00 Balances January Issued common stock Net Income Cash Dividende Stock Dividende Sale of Treasury Stock Purchase of Treasury Stok Balances, December Assignment - Homework Distributable 286,000 205,000 38,000 shares of treasury stock for $20 per share. Account Debit 760.000 760,000 $0.17-per-share dividend on common stock. Account Credia Debit 119,952 as Payable 10/02 two dividends accounts to retained Earnings. Account Deb Credit 514,000 hent of stockholders' equity for the year ended December 31, 20Y1. ome was $14,165,000 for the year ended December 31, 2011. For you must enter subtracted or negative numbers use a minus sign. pes not require an entry, leave it blank or enter "0". Nav-Go Enterprises Inc. Statement of Stockholders' Equity For the Year Ended December 31, 20Y1 Pald-In Paid-in Capital from Sale or Treasury Stock Treasury Commen Stock #6.000.000 1,150,00 Retained Earnings $13,620,00 $900,000 Total 19,870,000 1.840,000 490,000 |ckholders' Equity" section of the December 31, 20Y1, balance sheet. Which you must enter subtracted or negative numbers use a minus Enterprises Inc. ance Sheet ber 31, 2011 Assignment 2 Homework Dec. 31. Closed the two dividends accounts to Retained Earnings. Account Retained ang 637 Stock Dividende 514.00 Cash Dividende 3. Prepare a statement of stockholders' equity for the year ended December 31, 20Y1. Assume that net income was $14, 165,000 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 "0". Nav-Go Enterprises Inc. Statement of Stockholders' Equity For the Year Ended December 31, 2011 Retained Earning Common Stock Stated Value 6.000.000 $1,150,00 1.150.00 Balance Day 1 www Com stack 13,620,00 Cash Dividende Stock Dividende Sale of Treasury Stock Purchase of Treasury Stock Balance, December 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, 2011 Stockholders' Equity Paid-In Capital: Total Paid-In Capital Total Total Stockholders' Equity