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 (500,000 shares authorized, 340,000 shares issued) $3,400,000 Paid In Capital in Excess of Stated Value-Common Stock 650,000 Retained Earnings 7,720,000 Treasury Stock (34,000 shares, at a cost of $14 per share) 476,000 The following selected transactions occurred during the year: Jan. 22. Pald cash dividends of $0.14 pdr share on the common stock. The dividend had been properly recorded when declared on December of the preceding fiscal year for $42,840, Apr. 10. Issued 65,000 shares of common stock for $18 per share June 6, Sold all of the treasury stock for $578,000 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 21,000 shares of treasury stock for $399,000, Dec. 28. Declared a $0.17-per-share dividend on common stock 31. 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 appropriate Common Stock Dan. 1 Bal. Apr 10 3,400,000 650,000 V Aug. 15 Dec 31 Bal Paid In Capital in Excess of Stated Value-Common Stock 650,000 Jan. 1 Bal Apr 10 Dulys Dec. 31 Bal Retained Earnings Dec. 31 Jan. 1 Bal. 7,720,000 Dec. 31 Dec. 31 Bal. Treasury Stock Jan. 1 Bal. 476,000 June 6 Nov. 23 Dec. 31 Bal. Paid-In Capital from Sale of Treasury Stock June 6 Stock Dividends Distributable Aug. 15 July 5 Stock Dividends July 5 Dec. 31 Cash Dividends Dec. 28 Dec. 31