Entries for Selected Corporate Transactions

Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 20Y5, are as follows:

Common Stock, $10 stated value (350,000 shares authorized, 220,000 shares issued)	$2,200,000
Paid-In Capital in Excess of Stated Value-Common Stock	400,000
Retained Earnings	4,990,000
Treasury Stock (22,000 shares, at a cost of $14 per share)	308,000

The following selected transactions occurred during the year:

Jan. 22.	Paid cash dividends of $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $25,740.
Apr. 10.	Issued 40,000 shares of common stock for $16 per share.
June 6.	Sold all of the treasury stock for $374,000.
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. 15.	Issued the certificates for the dividend declared on July 5.
Nov. 23.	Purchased 14,000 shares of treasury stock for $266,000.
Dec. 28.	Declared a $0.16-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 T accounts for the stockholders' equity accounts. Record the above transactions in the T accounts and provide the December 31 balance where appropriate.