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 (400,000 shares authorized, 280,000 shares issued) $2,800,000 Paid-In Capital in Excess of Stated Value-Common Stock 550,000 Retained Earnings 6,360,000 420,000 Treasury Stock (28,000 shares, at cost) The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of $0.14 per share on the common stock. The dividend had been properly recorded when declared on Dece of the preceding fiscal year for $35,280. Apr. 10. Issued 55,000 shares of common stock for $990,000. June 6. Sold all of the treasury stock for $504,000. 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 18,000 shares of treasury stock for $360,000. Dec. 28. Declared a $0.17-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $6,614,000.