Entries for Selected Corporate Transactions Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises stockholders equity accounts, with balances on January 1, 20Y6, are as follows: Common Stock, $10 stated value (550,000 shares authorized, 380,000 shares issued) $3,800,000 Paid-In Capital in Excess of Stated Value-Common Stock 700,000 Retained Earnings 8,630,000 Treasury Stock (38,000 shares, at cost) 532,000 The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of $0.15 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $51,300. Apr. 10. Issued 70,000 shares of common stock for $1,120,000. June 6. Sold all of the treasury stock for $17 per share. July 5. Declared a 5% 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 declared on July 5. Nov. 23. Purchased 24,000 shares of treasury stock for $19 per share. Dec. 28. Declared a $0.18-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $8,975,000. 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. If required, round to one decimal place.

2. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.

Jan. 22. Paid cash dividends of $0.15 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $51,300.