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 folld 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 $58,500. Apr. 10. Issued 95,000 shares of common stock for $1,710,000. June 6. Sold all of the treasury stock for $900,000. July 5. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share. Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 31,000 shares of treasury stock for $620,000. Dec. 28. Declared a \$0.16-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $11,804,000. 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. Retained Earnings Paid-In Capital from Sale of Treasury Stock Stock Dividends Distributable Stock Dividends 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 $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding year for $58,500 Apr. 10. Issued 95,000 shares of common stock for $1,710,000. Apr. 10. Issued 95,000 shares of common stock for $1,710,000. June 6. Sold all of the treasury stock for $900,000. July 5. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per s Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 31,000 shares of treasury stock for $620,000. Dec. 28. Declared a $0.16-per-share dividend on common stock. Dec. 31. Closed the credit balance of the income summary account, $11,804,000. Dec. 31. Closed the two dividends accounts to Retained Earnings. 3. Prepare a retained earnings statement for the year ended December 31,20Y5. Assume that Morrow Enterprises Inc. had net income for the year ended December 31 , 20Y5, of $11,804,000. 4. Prepare the Stockholders' Equity section of the December 31, 20Y5, balance sheet. 4. Prepare the Stockholders' Equity section of the December 31,20Y5, balance sheet. 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 folld 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 $58,500. Apr. 10. Issued 95,000 shares of common stock for $1,710,000. June 6. Sold all of the treasury stock for $900,000. July 5. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share. Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 31,000 shares of treasury stock for $620,000. Dec. 28. Declared a \$0.16-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $11,804,000. 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. Retained Earnings Paid-In Capital from Sale of Treasury Stock Stock Dividends Distributable Stock Dividends 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 $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding year for $58,500 Apr. 10. Issued 95,000 shares of common stock for $1,710,000. Apr. 10. Issued 95,000 shares of common stock for $1,710,000. June 6. Sold all of the treasury stock for $900,000. July 5. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per s Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 31,000 shares of treasury stock for $620,000. Dec. 28. Declared a $0.16-per-share dividend on common stock. Dec. 31. Closed the credit balance of the income summary account, $11,804,000. Dec. 31. Closed the two dividends accounts to Retained Earnings. 3. Prepare a retained earnings statement for the year ended December 31,20Y5. Assume that Morrow Enterprises Inc. had net income for the year ended December 31 , 20Y5, of $11,804,000. 4. Prepare the Stockholders' Equity section of the December 31, 20Y5, balance sheet. 4. Prepare the Stockholders' Equity section of the December 31,20Y5, balance sheet