Entries for Selected Corporate Transactions Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 20YS, are as follows: Common Stock, $10 stated value (400,000 shares authorized, 260,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (26,000 shares, at cost) The following selected transactions occurred during the year: $2,600,000 500,000 5,900,000 390,000 Jan. 22. Paid cash dividends of $0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $32,760. Apr. 10. Issued 50,000 shares of common stock for $900,000. June 6. Sold all of the treasury stock for $468,000. July 5. Declared a 4% 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 16,000 shares of treasury stock for $320,000. Dec. 28. Declared a $0.17-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $6,136,000. 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.