Question
eBook Question Content Area Entries for Selected Corporate Transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders' equity accounts, with balances on January
eBook
Question Content Area
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, $5 stated value (900,000 shares authorized, 620,000 shares issued) | $3,100,000 |
Paid-In Capital in Excess of Stated ValueCommon Stock | 1,240,000 |
Retained Earnings | 4,875,000 |
Treasury Stock (48,000 shares, at cost) | 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. |
Required:
1. The January 1 balances in T accounts for the stockholders equity accounts have been listed below. T accounts for the following accounts have also been created: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends.
Common Stock | |||
---|---|---|---|
Jan. 1 Bal. | 3,100,000 | ||
Apr. 15Apr. 13Oct. 30Dec. 30 | fill in the blank 2 | ||
Jan. 9June 14July 16Oct. 30Dec. 30 | fill in the blank 4 | ||
Dec. 31 Bal. | fill in the blank 5 |
Paid-In Capital in Excess of Stated Value-Common Stock | |||
---|---|---|---|
Jan. 1 Bal. | 1,240,000 | ||
Jan. 9Apr. 13Apr. 15July 16Oct. 30 | fill in the blank 7 | ||
Jan. 9June 14July 16Oct. 30 | fill in the blank 9 | ||
Dec. 31 Bal. | fill in the blank 10 |
Retained Earnings | |||
---|---|---|---|
Jan. 9Mar. 15May 13June 14Dec. 30Dec. 31 | fill in the blank 12 | Jan. 1 Bal. | 4,875,000 |
Jan. 9Mar. 15May 13June 14Dec. 30Dec. 31 | fill in the blank 14 | ||
Dec. 31 Bal. | fill in the blank 15 |
Treasury Stock | |||
---|---|---|---|
Jan. 1 Bal. | 288,000 | Jan. 9Mar. 15May 13June 14July 16 | fill in the blank 17 |
Jan. 9Mar. 15May 13June 14July 16Oct. 30 | fill in the blank 19 | ||
Dec. 31 Bal. | fill in the blank 20 |
Paid-In Capital from Sale of Treasury Stock | |||
---|---|---|---|
Jan. 9Mar. 15May 13June 14July 16Oct. 30 | fill in the blank 22 |
Stock Dividends Distributable | |||
---|---|---|---|
Jan. 9Mar. 15May 13June 14July 16Oct. 30 | fill in the blank 24 | Jan. 9Mar. 15May 13June 14July 16Oct. 30 | fill in the blank 26 |
Stock Dividends | |||
---|---|---|---|
Jan. 9Mar. 15May 13June 14July 16Oct. 30 | fill in the blank 28 | Jan. 9Mar. 15May 13June 14Dec. 30Dec. 31 | fill in the blank 30 |
Cash Dividends | |||
---|---|---|---|
Jan. 9Mar. 15May 13June 14Oct. 30Dec. 30 | fill in the blank 32 | Jan. 9Mar. 15May 13June 14Dec. 30Dec. 31 | fill in the blank 34 |
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