Entries for Selected Corporate Transactions Morrow Enterprises Inc manufactures bathroom futures. The stockholders et accounts of Morrow Enterprises Inc, with balances on January 1, 205, are some Common stock, 510 stated value (900,000 shares authorized, 600,000 shares sund) $5,000,000 Paid In Capital incess of stated ValueConnon Stock 1,150.000 Retained Earnings 13,620,000 Treasury Stock (60,000 shares, at cost) 900,000 The following selected transactions occurred during the year Jan. 22. Paid cash dividends of $0.15 per share on the common stock. The dividend had been property recorded when declared on December 3 of the preceding fiscal year for $81,000 Apt 10. Issued 115,000 shares of common stock for $2.070,000 June 6. Sold of the treasury stock for $1,080.000 wys. Declared a 5% stock dividend on common stock, to be captained at the market price of the stock, which is 820 per share. Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 38,000 shares of treasury stock for $760,000 Dec. 28. Declared a $0.18-per-share dividend on common stock 31. Closed the credit balance of the income summary account, $14,165,000 311 Closed the two dividends accounts to Retained Earnings. Required: 1. The January 1 balances have been entered in accounts for the stockholders' equity accounts. Record the above transactions in the accounts and provide the December 31 balance where propre Common Stock Required 1. The Manuary 1 balances have been entered in accounts for the stockholders' equity accounts Record the above transactions in the accounts and provide the December ce where a propriate Common stock Jan, 1 Apr10 6,000,000 1,150,000 AU15 357,500 7,507,500 Dec 31 Bal Paid In Capital in Excess of stated Value-Common Stock Jan 1 hal 1,150,000 920,000 286,000 x Dec. 31 sat 2,126.000 X Retained Earnings 106,912.5 x Jan 1 Bal. Dec.31 Dec 31 13,620,000 14,165,000 27,034,587 X Dec 31 Bal. Treasury Stock Jan. 1 Bal Nova 900,000 900,000 un 760,000 760,000 Dec 31 Bal Paid-In Capital from Sale of Treasury Stock Dune 180,000 Stock Dividends Distributable 357,500 Aug 15 357,500 Stock Dividends 735,000 Dec 31 Julys 715,000 Cash Dividends 128,295 Dec Dec. 28 128,295 2. Journaline the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank 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 $81,000 2. Journalize the entries to record the transactions. For a compound transaction, it an amount box does not require an entry, leave z bank Jan. 22. Pald cash dividence of $0.15 per share on the common tool. The dividend had been property recorded when declared on December 1 of the preceding three yee for $1,000, 1 Date Account Debit Credit Cash Dividends Payable Cash Apr. 10. Issued 115,000 shares of common stock for $2.070,000 Account Debit Date Credit ||||||| Common Stock Paid In Coral in State Valve Common stock June 6. Sold all of the treasury stock for $1.000.000 Deb Credit Date Account June Treasury Stock Pidin Capital from Sale of Treasury Stock 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. Date Account Debit Credit July 5 Stock Dividends Stock Dividends Distributable Paid-in Capital in excess of Stated Value-Common Stock Aug. 15. Issued the certificates for the dividend declared on July 5. Account Debit Date Credit Aug. 15 Stock Dividends Distributatje Common Stock Nov. 23. Purchased 38,000 shares of treasury stock for $760,000. Debit Credit Account Date Nov. 23 Treasury Stock Cash Dec. 28. Declared a $0.18-per-share dividend on common stock, Dec. 28. Declared a $0,18-per-share dividend on common stock, Date Account Debit Credit Dec. 28 Cash Dividends Cash Dividends Payable Dec. 31. Closed the credit balance of the income summary account, $14,165,000 Debit Credit Date Account Dec 31 Income Summary Retained Earnings Dec. 31. Closed the two dividends accounts to Retained Earnings. Debit Credit Date Account Dec. 31 Retained Earnings Stock Dividends Cash Dividends 3. Prepare a retained earnings statement for the year ended December 31, 2045. Assume that Morrow Enterprises Inc. had net income for the year end 3. Prepare a retained earnings statement for the year ended December 31, 2015. Assume that Morrow Enterprises Inc. had net income for the year ended December 31, 2005, of 114,165,000 Harrow Enterprising Retained Earnings Statement For the Year Ended December 112015 Retained Earnings January 2OYS Net Income 14,165,000 Dividends Cash Dividends 6,830,500 x 13,620,000 Stock Dividends Increase in Retained Earnings Retained Earnings December 2015 4. Prepare the Stockholders' Equity section of the December 31, 2015, balance shoot 4. Prepare the stockholders' Equity section of the December 31, 2015, balance sheet HOWEnterprint Stockholders' Equity As of December 2015 Paid-In-Capital Common Stod Stated Value Excess of Stated Value Common Stock Pald-in capital common stock From Sale of Treasury Stock Total Paid In Capital Retained Earnings . Total Treasury Stock Cat Cost Total Stockholders' Equity