Entries for Selected Corporate Transactions Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2015, are as follows: Common Stock, $10 stated value (700,000 shares authorized, 480,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (48,000 shares, at a cost of $14 per share) $4,800,000 900,000 10,900,000 672,000 The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of $0.12 per share on the common stock. The dividend had been properly recorded when declared on December 11 of the preceding fiscal year for $51,040. Apr. 10. Issued 90,000 shares of common stock for $16 per share. June 6. Sold all of the treasury stock for $816,000. July 5. Declared a 4% 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 30,000 shares of treasury stock for $570,000. Dec. 28. Declared a $0.15-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. Required: 1. The January 1 balances have been entered in T accounts for the stockholders' equity accounts. Record the above transactions in the T accounts and provide the December 31 balance where appropriate. Common Stock Jen. 1 Bal 4,000,000 Apr. 10 Aug 15 1. The January 1 balances have been entered in T accounts for the stockholders' equity accounts. Record the above transactions in the T accounts and provide the December 31 balance where appropriate. Dec. 31 Common Stock Jan. 1 Bal. 4,800,000 Apr. 10 Aug. 15 Dec. 31 Bal, Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal, Apr. 10 July 5 Dec. 31 Bal Retained Earnings 900,000 Jan. 1 Bal Dec 31 10,900,000 Dec. 31 Bal Treasury Stock Jan, 1 Bal 672.000 June 9. Nev. 23 eBook Print Item Jan. 1 Bal.) Nov. 23 Dec. 31 Bal. Aug. 15 . Treasury Stock 672,000 June 6 Paid-In Capital from Sale of Treasury Stock June 6 Stock Dividends Distributable July 5 July 5 Stock Dividends Dec. 31 Dec. 28 Cash Dividends Dec. 31 M ? Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. 2. Journalize the entries to record the transactions. If an amount box does hot 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 the preceding fiscal year for $51,040. Date Account Jan. 22 Cash Dividends Payable Cash Apr. 10. Issued 90,000 shares of common stock for $16, Date: Apr. 10 Cash Account Common Stock Paid-In Capital in Excess of Stated Value-Common Stock June 6, Sold all of the treasury stock for $816,000. Date June 61 Cash Treasury Stock Account Debit Credit Debit Credit Debit Credit Paid-In Capital from Sale of Treasury Stock July 5. Declared a 4th stock dividend on common stock, to be capitalized at the market price of the stock, which is $10 per share. eBook Print Item July 5. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. Date Account July 5 Stock Dividends Stock Dividends Distributable Paid-In Capital in Excess of Stated Value-Common Stock Aug. 15. Issued the certificates for the dividend declared on July 5. Date Account Aug. 15 Stock Dividends Distributable Common Stock Nov. 23. Purchased 30,000 shares of treasury stock for $570,000. Date Account Nov. 23 Treasury Stock Cash Dec. 28. Declared a $0.15-per-share dividend on common stock. Date Account Dec. 28 Cash Dividends Debit Credit Debit Credit I Debit Credit Debit Credit Dec. 28. Declared a $0.15-per-share dividend on common stock. Date Account Dec. 20 Cash Dividends Cash Dividends Payable Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Account Dec. 31 Retained Earnings Debit Credit Debit Credit 3. Prepare a retained earnings statement for the year ended December 31, 20YS. Assume that Morrow Enterprises Inc. had net income for the year ended December 31, 2015, of $11,336,000) Morrow Enterprises Inc. Retained Earnings Statement For the Year Ended December 31, 2015 Retained Earnings, January 3, 2015 Net Income Dividends: Previous Morrow Enterprises Inc. Retained Earnings Statement For the Year Ended December 31, 20Y5 Retained Earnings, January 1, 20YS Net Income Dividends: 4. Prepare the Stockholders' Equity section of the December 31, 2015, balance sheet. Paid-In-Capital: Common Stock, $10 Stated Value Excess of Stated Value-Common Stock Total Paid-In Capital Retained Earnings Morrow Enterprises Inc. Stockholders' Equity As of December 31, 20Y5 For the Year Ended December 31, 20Y5. Retained Earnings, January 1, 20YS Net Income Dividends: 4. Prepare the Stockholders' Equity section of the December 31, 2015, balance sheet. Paid-In-Capital: Common Stock, $10 Stated Value Excess of Stated Value-Common Stock Total Paid-In Capital Retained Earnings Total Stockholders' Equity Morrow Enterprises Inc. Stockholders' Equity As of December 31, 2015