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, 220,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (22,000 shares, at cost). The following selected transactions occurred during the year: $2,200,000 400,000 4,990,000 330,000 Jan. 22. Paid cash dividends of $0.15 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $29,700. Apr. 10. Issued 40,000 shares of common stock for $720,000. June 6. Sold all of the treasury stock for $396,000. 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 14,000 shares of treasury stock for $280,000. Dec. 28. Declared a $0.18-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $5,190,000. 31. Closed the two dividends accounts to Retained Earnings.