Entries for Selected Corporate Transactions

Morrow Enterprises Inc: manufactures bathroom fixtures. The stockholders" equity accounts of Morrow Enterprises

Inc.; with balances on lanuary $1,20$Y$5,$ are as follows:

Common Stock, $$10$ stated value shares authorized, $460,000$ shares issued$)$ $$4,600,000$

The following selected transactions occurred during the year:

Jan. Paid cash dividends of $$0\mathrm{.}14$ per share on the common stock. The dividend had been properly recorded when

declared on December $1$ of the preceding fiscal year for $$57,960.$

Apr.

Issued $85,000$ shares of common stock for $$16$ per share.

June

Sold all of the treasury stock for $$828,000.$

July $5.$

Declared a $4\%$ stock dividend on common stock, to be capitalized at the market price of the stock, which is

$$18$ per share.

Aug.

Issued the certificates for the dividend declared on July $5.$

Nov.

Purchased $29,000$ shares of treasury stock for $$580,000.$

Dec.

Declared a $$0\mathrm{.}17-$per$-$share dividend on common stock.

Closed the two dividends accounts to Retained Earnings.Nov. $23.$ Purchased $29,000$ shares of treasury stock for $$580,000.$

Dec. $28.$ Declared a $$0\mathrm{.}17-$per$-$share dividend on common stock.

Dec. $31.$ Closed the two dividends accounts to Retained Earnings.