Entres for selected Corporate Transactions Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc, with balances on January 1, 20Y5, are as follows: Jan, 22. Paid cash dividends of so.12 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $23,760. Apr. 10. Issued 40,000 shares of common stock for $640,000. June 6. Sold all of the treasury stock for $374,000. July 5. Declared a 5% 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 14,000 shares of treasury stock for $266,000. Dec. 28. Declared a \$0.15-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, 55,290,000. 31. Closed the two dividends accounts to Retained Earnings. 1. The January 1 balances have been entered in T accounts for the stockholders' equity accounts. Record the above transactions in the T accounts provide the December 31 balance where appropriate. Paid-In Capital from Sale of Treasury Stock Stock Dividends Distributable Stock 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. Jan. 22. Paid cash dividends of $0.12 per share on the common stock. The dividend had been properly recorded when declared on December 1 of t preceding fiscal year for $23,760. Apr. 10. Issued 40,000 shares of common stock for $640,000. June 6. Sold all of the treasury stock for $374,000. July 5. Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per sh Aug. 15. Issued the certificates for the dividend deciared on July 5. Nov. 23. Purchased 14,000 shares of treasury stock for $266,000. Dec. 28. Declared a \$0.15-per-share dividend on common stock. Dec. 31. Closed the credit balance of the income summary account, $5,190,000. Dec. 31. Closed the credit balance of the income summary account, $5,190,000, Dec. 31. Closed the two dividends accounts to Retained Earnings. 3. Prepare a retained eamings statement for the year ended December 31, 20y5. A5sume that Morrow Enterprises Inc. had net income for the year ended December 31,20Y5, of $5,190,000. 4. Prepare the Stockholders' Equity section of the December 31,20Y5, balance sheet. 4. Prepare the Stockholders' Equity section of the December 31,20Y5, balance sheet. Entres for selected Corporate Transactions Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc, with balances on January 1, 20Y5, are as follows: Jan, 22. Paid cash dividends of so.12 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $23,760. Apr. 10. Issued 40,000 shares of common stock for $640,000. June 6. Sold all of the treasury stock for $374,000. July 5. Declared a 5% 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 14,000 shares of treasury stock for $266,000. Dec. 28. Declared a \$0.15-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, 55,290,000. 31. Closed the two dividends accounts to Retained Earnings. 1. The January 1 balances have been entered in T accounts for the stockholders' equity accounts. Record the above transactions in the T accounts provide the December 31 balance where appropriate. Paid-In Capital from Sale of Treasury Stock Stock Dividends Distributable Stock 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. Jan. 22. Paid cash dividends of $0.12 per share on the common stock. The dividend had been properly recorded when declared on December 1 of t preceding fiscal year for $23,760. Apr. 10. Issued 40,000 shares of common stock for $640,000. June 6. Sold all of the treasury stock for $374,000. July 5. Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per sh Aug. 15. Issued the certificates for the dividend deciared on July 5. Nov. 23. Purchased 14,000 shares of treasury stock for $266,000. Dec. 28. Declared a \$0.15-per-share dividend on common stock. Dec. 31. Closed the credit balance of the income summary account, $5,190,000. Dec. 31. Closed the credit balance of the income summary account, $5,190,000, Dec. 31. Closed the two dividends accounts to Retained Earnings. 3. Prepare a retained eamings statement for the year ended December 31, 20y5. A5sume that Morrow Enterprises Inc. had net income for the year ended December 31,20Y5, of $5,190,000. 4. Prepare the Stockholders' Equity section of the December 31,20Y5, balance sheet. 4. Prepare the Stockholders' Equity section of the December 31,20Y5, balance sheet
