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 (650,000 shares authorized, 420,000 shares issued) $4,200,000 Pald-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. 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 $45,360. Apr. 10. Issued 80,000 shares of common stock for $1,280,000 June 6. Sold all of the treasury stock for $16 per share. 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. 15. Issued shares of stock for the stock dividend dedared on July 5. Nov, 23. Purchased 26,000 shares of treasury stock for $20 per share. Dec. 28. Dedared a 50.15-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. 3. Prepare a retained earnings statement for the year ended December 31, 20Y6. Morrow Enterprises Inc. Retained Earnings Statement For the Year Ended December 31, 2016 Retained Earnings, January 1, 2016 S 9,530,000 Net Income S 9,911,000 Cash Dividends X Stock Dividends Change in retained earnings X Retained Earnings, December 31, 2016 $ X 4. Prepare the Stockholders' Equity section of the December 31, 2016, balance sheet. Morrow Enterprises Inc Balance Sheet December 31, 2015 Stockholders' Equity Pald-In-Capital: Common Stock, $10 stated value (650,000 shares authorized, 520,000 shares issued) Excess of issue price over stated value From Sale of Treasury Stock Total Paid-in Capital Retained Earnings x 126,000 Total Treasury Stock (26,000 shares, at cost) X Total Stockholders' Equity