Entries for Selected Corporate Transactions 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, $10 stated value (650,000 shares authorized, 420,000 shares issued) $4,200,000 Paid-In Capital in Excess of Stated Value-Common Stock 800,000 Retained Earnings 9,530,000 Treasury Stock (42,000 shares, at cost) 588,000 The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of $0.15 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $56,700. Apr. 10. Issued 80,000 shares of common stock for $1,440,000. June 6. Sold all of the treasury stock for $714,000. 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 26,000 shares of treasury stock for $494,000. Dec. 28. Declared a $0.18-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $9,911,000. 31. Closed the two dividends accounts to Retained Earnings. 3. Prepare a retained earnings statement for the year ended December 31, 2015. Assume that Morrow Enterprises Inc. had net income for the year ended December 31, 2015, of $9,911,000. Morrow Enterprises Inc. Retained Earnings Statement For the Year Ended December 31, 2015 Dividends: 4. Prepare the Stockholders' Equity section of the December 31, 2045, balance sheet. Morrow Enterprises Inc. Stockholders' Equity As of December 31, 2015 Paid-In-Capital: Total Paid-In Capital Total Total Stockholders' Equity