Entries for selected corporate transactions Instruction Chart of Accounts Amount Descriptions Accounts Journal Instructions Morrow Enterprises Inc, manufactures bathroom fixtures, Morrow Enterprises stockholders' equity accounts, with balances on January 1, 2076, are as follows: Common stock, $20 stated value (500,000 shares authorized, 353,000 shares issued) Paid in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (25,500 shares, at cost) $7,060,000 811,900 33,598,000 484,500 The following selected transactions occurred during the year: Jan Apr Jun Jul. 22 Paid cash dividends of $0.10 per share on the common slock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $32,750 10 Issued 72,000 shares of common stock for $24 per share. 6 Sold all of the treasury stock for $25 per share. 5 Declared a 4% Stock dividend on common stock, to be capitalized at the market price of the stock, which is $26 per share. 15 Issued the certificates for the dividend declared on July 5. 23 Purchased 25,000 shares of treasury stock for $19 per share. 28 Declared a $0.00-per-share dividend on common stock 31 Closed the two dividends accounts to Retained Earnings Aug Now Dec tamil Previous Next Required: 1. Enter the January 1 balances in accounts for the stockholders' equity accounts listed if required, round your answers to the nearest dollar 2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of $1,149,500 to the retained earnings account. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar, 3. Prepare a statement of stockholders' equity for the year ended December 31, 2078. Assume that net income was $1,149,500 for the year ended December 31, 20Y6. For those boxes in which you must enter subtracted or negative numbers use a minus sign. If there is an amount is zero, enter 4. Prepare the "Stockholders' Equity" section of the December 31, 20Y6, balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus sign. *Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries. Instructions Chart of Accounts Amount Descriptions T Accounts Journal Instructions Amount Descriptions TA Amount Descriptions Balances, January 1 Balances, December 31 Cash dividends Common stock, $20 stated value (500,000 shares authorized, 442,000 shares issued) Excess of issue price over stated value From sale of treasury stock Issued common stock Net income Net loss Purchase of treasury stock Sale of treasury stock Stock dividends Retained Earnings Total Total paid-in capital Total stockholders' equity Treasury stock (25,000 shares at cost) Instruction Chart of Accounts Amount Descriptions T Accounts Journal Instructions Amount Descriptions Journal 2. Joumalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and experies has been made and post net income of $1,149,500 to the retained earnings account. Refer to the Chart of Accounts for exact wording of account nos. When required, round your answers to the nearest dolar, PAGE 10 JOURNAL ACCOUNTING EQUATION DESCRIPTION POST. REF DEBIT CREDIT DATE ASSETS LIABILITIES EQUITY 1 2 selected corporate transactions Instructions Chart of Accounts Amount Descriptions T Accounts Journal Instructions Amount Descriptions Journal Statement of Stockholders' Equity 3. Prepare a statement of stockholders' aquity for the year ended December 31, 2018 Assume that not income was 1.149.500 for the year anded December 31, 2016. For rose bones in which you must enter subtracted or negative umbers use a mission. There is an amount inter Refer to the list of Amount Descriptions provided for the exact wording of the answer choice for stres Morrow Enterprises Inc Statement of Stockholders' Equity For the Year Ended December 31, 2018 Pidin Capital Common Stock of Suted Pacita om Sale of Treasury Stod Red Earrings Treasury Stock Toul Instructions Chart of Accounts Amount Descriptions T Accounts Journal Instructions Stockholders' Equity 4. Prepare the stockholders'Equily' section of the December 31, 2018 balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries. Morrow Enterprisesine Balance Sheet December 31, 2010 1 Stockholders Equity Pald.in capital 1 Previous Next