Entries for Selected Corporate Transactions Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises stockholders' equity accounts, with balances on January 1, 2076, are as follows: Common Stock, $10 stated value (650,000 shares authorized, 420,000 shares issued) $4,200,000 Paid-in Capital in excess of Stated Value-Common Stock 800,000 Retained Earnings 9,530,000 Treasury Stock (42,000 shares, at cost) 630,000 The following selected transactions occurred during the year: Jan. 22. Pold 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 $45,360. Apr. 10. Issued 80,000 shares of common stock for $1,280,000. June 6. Sold all of the treasury stock for $18 per share. July 5. Dedared a 4% Stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. Aug, 15. Issued shares of stock for the stock dividend cedared on Julys. Nov. 23. Purchased 26,000 shares of treasury stock for $20 per share. Dec. 28. Dedared a $0.15-per-share dividend on common stock 31. Closed the credit balance of the income summary account, $9.911,000 31. Closed the two dividends accounts to Retained Earnings 2. Journalize the entries to record the transactions. For a compound transaction, an amount box does not require an entry, leave it blank Jan. 22. Paid cash dividends of $0.12 per share on the common stock. The dividend had been property recorded when declared on December 1 of the preceding fiscal year for $45,360 Account Debit Date Credit Jan 22 Cash Dividends Payable Cash v Apr. 10. Issued 80,000 shares of common stock for $1,250,000 Account Debit Date Credit Apr 10 Canh Treasury Stock X Paldin Capital From Sale of The Stock June 6. Soldil of the sto for $10 per share Debit Credit Date Account June Cash Con Stock X Pidin Capital frums of Try No July 5. Dedared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. Debit Credit Date Account July 5 Stock Dividends Stock Dividends Distributable Pald-In Capital in Excess of Stated Value-Common Stock Aug. 15. Issued shares of stock for the dividend declared on July 5. Date Account Debit Credit Aug. 15 Stock Dividends Distributable Common Stock Nov. 23. Purchased 26,000 shares of treasury stock for $20 per share. Date Account Debit Credit Nov. 23 Treasury Stock Cash Dec. 28. Declared a $0.15-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, $9,911,000. Date Debit Credit Dec. 31 Account Income Summary Retained Earnings Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Debit Credit Dec. 31 Account Retained Earnings Stock Dividends Cash Dividends
