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 (350,000 shares authorized, 240.000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (24,000 shares, at cost) The following selected transactions scoured during the year: $2,400,000 450,000 5,430,000 336,000 Jan. 22. Paid cash dividends of $0.12 per share on the common stock. The dividend had been property recorded when dedared on December of the preceding Facal year for $25,920 Apr. 10. led 45,000 shares of common stock for $10,000. June 6. Sold all of the treasury stock for $408.000 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 15,000 shares of treasury stack for $281,000 Dec. 28. Declared a $8.15-per-share dividend on common stock 33. Closed the credit balance of the income summary act, $5,668,000 31. Closed the two dividends accounts to Retained Eanings