ends of $1.50 per share on preferred stock and $0.06 per share on common stock G. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter. 4. Total PR 12.4A Entries for selected corporate transactions Morrow Enterprises Inc, manufactures bathroom fixtures. Morrow Enterprises stockholders Obj. 2,3,4,6 stockholders' equity, equity accounts, with balances on January 1, 20Y6, are as follows: 44.436,200 Common Stock, $20 stated value (500,000 shares authorized, 375,000 shares issued)..--- Pald-In Capital in Excess of Stated Value Common Stock $ 7,500,000 Retained Earnings 825,000 33,600,000 Treasury Stock (25,000 shares, at cost) GENERAL LEDGER 450.000 The following selected transactions occurred during the year Jan. 22. Paid cash dividends of $0.08 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $28,000. Apr. 10. Issued 75,000 shares of common stock for $24 per share. June 6. Sold all of the treasury stock for $26 per share. July 5. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock which is $25 per share. Aug. 15. Issued shares of stock for the stock dividend declared on July 5. Nov. 23. Purchased 30,000 shares of treasury stock for $19 per share. Dec. 28. Declared a $0.10-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $1,125,000. 31. Closed the two dividends accounts to Retained Earnings. Instructions 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, 2016. 4. Prepare the Stockholders' Equity section of the December 31, 2016, balance sheet. PR 12-5A Entries for selected corporate transactions Obj. 2, 3, 4,5 or mmnleted by Primo Discount Corporation during the current fiscal year