eBook Calculator Print Item Entries for Selected Corporate Transactions Entries for Selected Corporate Transactions 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, $10 stated value (800,000 shares authorized, 520,000 shares issued) Pald-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (52,000 shares, at cost) $5,200,000 1,000,000 11,800,000 780,000 The following selected transactions occurred during the year: Jan. 22. 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 $65,520. Apr. 10. Issued 100,000 shares of common stock for $1,600,000. June 6. Sold all of the treasury stock for $936,000. July 5. 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 5. Nov. 23. Purchased 33,000 shares of treasury stock for $660,000. Dec. 28. Declared a $0.17-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: 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. Check My Work All work saved. Save and Exit Submit Assignment for Grading eBook Calculator Print Item Required: 1. The January 1 balances have been entered in T accounts for the stockholders' equity accounts. Record the above transactions in the T accounts and provide the December 31 balance where appropriate. Common Stock Jan. 1 Bal. 5,200,000 Apr, 10 Aug. 15 Dec. 31 Bal. Pald-In Capital in Excess of stated Value-Common Stock jan. 1 Bal. Apr. 10 1,000,000 July 5 Dec. 31 Bal. Retained Earnings Jan. 1 Bal 11,800,000 Dec Dec. 31 Bal. Check My Work All work saved Save and Exit Submit Assignment for Grading Treasury Stock 780,000 June 6 Jan. 1 Bal. Nov. 23 Dec. 31 Bal. Pald-In Capital from Sale of Treasury Stock June 6 Stock Dividends Distributable July 5 V Stock Dividends Dec. 31 Cash Dividends 2. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Check My Work eBook Calculator Print Item 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. 22. Pald 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 $65,520 Date Account Debit Credit Jan. 22 Cash Dividends Payable Apr. 10. Issued 100,000 shares of common stock for $1,600,000. Date Account Debit Credit Apr. 10 Cash Common Stock Pald-In Capital in Excess of stated Value-Common June 6. Sold all of the treasury stock for $936,000 Credit Account Date June 6 Cash Treasury Stock Pald-in Capleal from sale of Trond Check My Work Save and 5p eBook Calculator Print Item July 5. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. Date Account Debit Credit July 5 Stock Dividends Stock Dividends Distributable Pald-In Capital In Excess of Stated Value-Common Stock Aug. 15. Issued the certificates for the dividend declared on July 5. Debit Date Aug. 15 Account Stock Dividends Distributable Credit Common Stock Nov. 23. Purchased 33,000 shares of treasury stock for $660,000 Date Account Nov. 23 Treasury stock & Cash Dec. 28. Declared a $0.17-per-share dividend on common stock Check My Work All work saved Save and Submit Assignment for Grading pl eBook Print Item Calculator Cash Dec. 28. Declared a $0.17-per-share dividend on common stock. Date Debit Credit Dec. 28 Account Cash Dividends Cash Dividends Payable Dec. 31. Closed the credit balance of the income summary account, $12,272,000. Date Account Debit Credit Dec. 31 Income Summary Retained Earnings Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Account Retained Earnings Debit Dec. 31 Credit Stock Dividends Cash Dividends 3. Prepare a retained earnings statement for the year ended December 31, 2045. Assume that Morrow Enterprises Inc, had net income for the year ended December Check My Work All work saved Save and Exit Submit Assignment for Gr. eBook Calculator Print Item 3. Prepare a retained earnings statement for the year ended December 31, 2015. Assume that Morrow Enterprises Inc. had net income for the year ended December 31, 2015, of $12,272,000. Horrow Enterprises Inc. Retained Earnings Statement For the Year Ended December 31, 2015 Retained Earnings, January 1, 2015 Net Income Dividends: Cash Dividends stock Dividends & Increase in Retained Earnings Retained Tarnings, December 31, 2015 4. Prepare the Stockholders' Equity section of the December 31, 2015, balance sheet. Morrow Enterprises Inc. Stockholders' Equity As of December 31, 2015 Paid-In-Capital: Common Stock. $10 Stated Value Check My Work All work saved. Save and Ext Submit Assignment for Grading 4. Prepare the stockholders' Equity section of the December 31, 2045, balance sheet. presne Stockholders' Equity of December 31, 2015 Pald-In-Capital: Common Stock, $10 Stated Value Excess of Stated Value-Common Stock Pald-in capital, common stock From Sale of Treasury Stock Total Pald-In Capital Retained Earnings Total Treasury Stock (at Cost) Total Stockholders' Equity Check My Work All work saved