Entries for Selected Corporate Transactions Morrow Enterprises Inc manufactures bathroom fixtures, Morrow Enterprises' stockholders equity accounts, with balances on January 1, 2016, are as follows: Common Stock, $10 stated value (800,000 shares authorized, 540,000 shares issued) 55,400,000 Paid-In Capital in Excess of Stated Value-Common Stock 1,050,000 Retained Earnings 12,260,000 Treasury Stock (54,000 shares, at cost) 756,000 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 $58,320 Apr 10. Issued 105,000 shares of common stock for $1,890,000 June 6. Sold all of the treasury stock for $17 per share. 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 shares of stock for the stock dividend declared on July 5. Nov. 23. Purchased 34,000 shares of treasury stock for $19 per share. Dec. 28. Declared a $0.15-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $12,750,000 31. Closed the two dividends accounts to Retained Earnings. Required: 1. The January 1 balances have been entered in T accounts for the stockholders' equity accounts. Record the above transactions in the T accounts and provide the December 31 balance where appropriate. If required, round to one decimal place. Common Stock Jan. 1 Bal. 5,400,000 Dec. 31 Bal. Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. 1,050,000 Dec. 31 Bal. Retained Earnings Jan. 1 Bal. 12,260,000 Dec. 31 Bal. Treasury Stock Jan. 1 Bal. 756,000 Treasury Stock Jan. 1 Bal. 756,000 Dec. 31 Bal. Paid-In Capital from Sale of Treasury Stock Stock Dividends Distributable Stock Dividends Cash Dividends 2. Journalize the entries to record the transactions. For a compound transaction, if an amount box Jan. 22. Paid cash dividends of $0.12 per share on the common stock. The dividend had been pre 2. Joumate the entire to record the transactions. For a comud traction amont box des of love an entry.vn Jan. 22. when 0.12 per stare o The dividend had been roperly word wanted on December of the preceding for 358,320 htu Dahil Ciel [Ian. 22 Apr. 10. 105.000 shares of comptock for $1,890,000 Dahil Mer 10 June 6. Sed all of the dry stock for SST per share Date Acco Det es 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 July 5 Credit Aug. 15. Issued shares of stock for the dividend declared on July 5 Date Account Debit Credit Aug. 15 Nov. 23. Purchased 34,000 shares of treasury stock for 519 per share Date Account Debit Credit Nov. 23 Dec. 28. Declared a $0.15-per-share dividend en common stock Dec. 28. Declared a $0.15-per-share dividend on common stock Date Account Debit Dec. 20 Credit Dec. 31. Closed the credit balance of the income summary account, 512,750,000 Date Account Debit Credit Dec 31 Dec. 31. Closed the two dividends accounts to retained Earnings Account Debit Credit Det 31 3. Prepare a retained emings statement for the year ended December 31, 2015 3. Prepare a retained earnings statement for the year ended December 31, 2016 Morrow Enterprises Inc. Retained Earnings Statement For the Year Ended December 31, 2016 5 4. Prepare the Stockholders' Equity section of the December 31, 2016, balance sheet. Morrow Enterprises Inc. Balance Sheet December 31, 2016 Stockholders' Equity Paid-In-Capital: 4. Prepare the Stockholders' Equity section of the December 31, 2016, balance sheet. Morrow Enterprises Inc. Balance Sheet December 31, 2016 Stockholders' Equity Paid-In-Capital: Total Paid-In Capital $ Total Total Stockholders' Equity