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, 460,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings $4,600,000 850,000 10,440,000 690,000 Treasury Stock (46,000 shares, at a cost of $15 per share) 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 1 of the preceding fiscal year for $49,680. Apr. 10. Issued 85,000 shares of common stock for $18 per share. June 6. Sold all of the treasury stock for $828,000. 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 29,000 shares of treasury stock for $580,000. Dec. 28. Declared a $0.15-per-share dividend on common stock. 31 Closed the two dividends accounts to Retained Earnings.