Entries for selected corporate transactions Instructions Chart of Accounts Labels and Amount Descriptions V Instructions 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, $20 stated value (500,000 shares authorized, 369,000 shares issued) $7,380,000 Paid-In Capital in Excess of Stated ValueCommon Stock 848,700 Retained Earnings 33,497,000 Treasury Stock (23,300 shares, at a cost of $18 per share) 419,400 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 $27,656. ies for selected corporate transactions nstructions Chart of Accounts Labels and Amount Descriptions structions recorded when declared on December 1 of the preceding fiscal year for $27,656. Apr. 10 Issued 72,000 shares of common stock for $24 per share. Jun. Sold all of the treasury stock for $26 per share. Jul. 5 Declared a 2% stock dividend on common stock, to be capitalized at the market price of the stock, which is $26 per share. Aug. 15 Issued the certificates for the dividend declared on July 5. Nov. 23 Purchased 30,000 shares of treasury stock for $20 per share. Dec. 28 Declared a $0.12-per-share dividend on common stock. 31 Closed the two dividends accounts to Retained Earnings. Required: a. Enter the January 1 balances in Taccounts for the stockholders' equity accounts listed. Also prepare T accounts for the following Entries for selected corporate transactions Instructions Chart of Accounts Labels and Amount Descriptions Instructions a. 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. b. Journalize the entries to record the transactions and post to the eight selected accounts. No post ref is required in the journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your final answer to the nearest dollar. C. Prepare a retained earnings statement for the year ended December 31, 2015. Assume that Morrow Enterprises had net income for the year ended December 31, 2045, of $1,090,000. Be sure to complete the statement heading. Refer to the chart of accounts and the lists of Labels and Amount Descriptions for the exact wording of text entries. A decrease to retained earnings should be entered as a negative amount. d. Prepare the Stockholders' Equity section of the December 31, 2045, balance sheet. Refer to the chart of accounts and the lists of Labels and Amount Descriptions for the exact wording of text entries. For those boxes in which you must enter subtractive or ries for selected corporate transactions nstructions Chart of Accounts Labels and Amount Descriptions NEGAT) VIVUI, WIVU WIVU WIQINUTANIC, Jonivuoru, u structions vuur in b. Journalize the entries to record the transactions and post to the eight selected accounts. No post ref is required in the journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered Round your final answer to the nearest dollar. C. Prepare a retained earnings statement for the year ended December 31, 2045. Assume that Morrow Enterprises had net income for the year ended December 31, 2045, of $1,090,000. Be sure to complete the statement heading. Refer to the chart of accounts and the lists of Labels and Amount Descriptions for the exact wording of text entries. A decrease to retained earnings should be entered as a negative amount d. Prepare the Stockholders' Equity section of the December 31, 2045, balance sheet. Refer to the chart of accounts and the lists of Labels and Amount Descriptions for the exact wording of text entrie For those boxes in which you must enter subtractive or negative numbers, use a minus sign Entries for selected corporate transactions Instructions Chart of Accounts Labels and Amount Descriptions E Chart of Accounts CHART OF ACCOUNTS Morrow Enterprises Inc. General Ledger ASSETS REVENUE 110 Cash 410 Sales 120 Accounts Receivable 610 Interest Revenue 131 Notes Receivable 132 Interest Receivable EXPENSES 510 Cost of Merchandise Sold 141 Merchandise Inventory 515 Credit Card Expense 145 Office Supplies 520 Salaries Expense 151 Prepaid Insurance 531 Advertising Expense 181 Land 532 Delivery Expense 193 Equipment eBook Print Item Entries for selected corporate transactions Instructions Chart of Accounts Labels and Amount Descriptions Chart of Accounts 194 Accumulated Depreciation-Equipment 533 Selling Expenses 534 Rent Expense LIABILITIES 535 Insurance Expense 210 Accounts Payable 536 Office Supplies Expense 221 Notes Payable 226 Interest Payable 537 Organizational Expenses 562 Depreciation Expense-Equipment 590 Miscellaneous Expense 710 Interest Expense 231 Cash Dividends Payable 236 Stock Dividends Distributable 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 313 Paid-In Capital in Excess of Stated Value-Common Stock 315 Treasury Stock Instructions Chart of Accounts Labels and Amount Descriptions > Chart of Accounts 241 Salaries Payable 261 Mortgage Note Payable EQUITY 311 Common Stock 313 Paid-In Capital in Excess of Stated Value-Common Stock 315 Treasury Stock