Entries 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: The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $58,500. Apr. 10. Issued 95,000 shares of common stock for $18 per share. June 6. Sold all of the treasury stock for $900,000. July 5. Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share. Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 31,000 shares of treasury stock for $620,000. Dec. 28. Declared a $0.16-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. Required: Paid-In Capital in Excess of Stated Value-Common Stock Paid-In Capital in Excess of Stated Value-Common Stock \begin{tabular}{l|l|} \hline & Jan. 1 Bal. \\ & Apr. 10 50,000 \\ \hline July 5 & \\ \hline \end{tabular} Retained Earnings \begin{tabular}{l|llr} \hline Dec. 31 Jan. 1 Bal. & 11,350,000 \\ \hline & Dec. 31 & \\ \hline \end{tabular} \begin{tabular}{lr|ll} \multicolumn{2}{c}{ Treasury Stock } \\ \hline Jan. 1 Bal. & 750,000 & June 6 & \\ \hline Nov. 23 & & \\ \hline Dec. 31 Bal. & \end{tabular} Paid-In Capital from Sale of Treasury Stock June 6 Stock Dividends Distributable Aug. 15 July 5 2. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. Apr. 10. Issued 95,000 shares of common stock for $18. June 6. Sold all of the treasury stock for $900,000. Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 31,000 shares of treasury stock for $620,000. Dec. 28. Declared a $0.16-per-share dividend on common stock. Dec. 31. Closed the two dividends accounts to Retained Earnings. 4. Prepare the Stockholders' Equity section of the December 31,20Y, balance sheet. Entries 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: The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $58,500. Apr. 10. Issued 95,000 shares of common stock for $18 per share. June 6. Sold all of the treasury stock for $900,000. July 5. Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share. Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 31,000 shares of treasury stock for $620,000. Dec. 28. Declared a $0.16-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. Required: Paid-In Capital in Excess of Stated Value-Common Stock Paid-In Capital in Excess of Stated Value-Common Stock \begin{tabular}{l|l|} \hline & Jan. 1 Bal. \\ & Apr. 10 50,000 \\ \hline July 5 & \\ \hline \end{tabular} Retained Earnings \begin{tabular}{l|llr} \hline Dec. 31 Jan. 1 Bal. & 11,350,000 \\ \hline & Dec. 31 & \\ \hline \end{tabular} \begin{tabular}{lr|ll} \multicolumn{2}{c}{ Treasury Stock } \\ \hline Jan. 1 Bal. & 750,000 & June 6 & \\ \hline Nov. 23 & & \\ \hline Dec. 31 Bal. & \end{tabular} Paid-In Capital from Sale of Treasury Stock June 6 Stock Dividends Distributable Aug. 15 July 5 2. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. Apr. 10. Issued 95,000 shares of common stock for $18. June 6. Sold all of the treasury stock for $900,000. Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 31,000 shares of treasury stock for $620,000. Dec. 28. Declared a $0.16-per-share dividend on common stock. Dec. 31. Closed the two dividends accounts to Retained Earnings. 4. Prepare the Stockholders' Equity section of the December 31,20Y, balance sheet
