- Calculator Entries for Selected Corporate Transactions Morrow Enterprises Inc, manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2015, are as follows: Common Stock, $10 stated value (800,000 shares authorized, 520,000 shares issued) $5,200,000 Paid-In Capital in Excess of Stated Value-Common Stock 1,000,000 Retained Earnings 11,800,000 Treasury Stock (52,000 shares, at cost) 728,000 The following selected transactions occurred during the year Jan. 22. Paid cash dividends of $0.13 per share on the common stock. The dividend had been property recorded when declared on December 1 of the preceding fiscal year for $60,840. Apr. 10. Issued 100,000 shares of common stock for $1,600,000 June 6. Sold all of the treasury stock for $884,000. July 5. Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $10 per share. Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 33,000 shares of treasury stock for $627,000. Dec. 28. Declared a $0.16-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $12,272,000. 31. Closed the two dividends accounts to Retained Earnings. Required: accounts for the stockholders' equity accounts. Record the above transactions in the Taccounts and provide the December 31 balance where 1. The January 1 balances have been entered in appropriate Common Stock Dan 1 Bal. Dec. 31 Bal. Pald-In Capital in Excess of stated Value-Common Stock an. 1 Bal 1,000,000 Dec. 31 Bal Retained Earnings 11,800,000 Previous