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 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 $54,000. Apr. 10. Issued 75,000 shares of common stock for $1,350,000. June 6. Sold all of the treasury stock for $720,000. July 5. Declared a 5% 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 25,000 shares of treasury stock for $500,000. Dec. 28. Declared a $0.18pershare dividend on common stock. 31. Closed the credit balance of the income summary account, $9,443,000. 31. Closed the two dividends accounts to Retained Earnings. 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. Stock Dividends Distributable \begin{tabular}{ll|l|l|} \hline Aug. 15 & 190,000 & July 5 & 190,000 \\ \hline \end{tabular} Stock Dividends Cash Dividends \begin{tabular}{ll|ll} \hline Dec. 28 & 5,040 & Dec. 31 & 75,040 \\ \hline \end{tabular} 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 precen year for $54,000. July 5. Declared a 5% 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. Dec. 28. Declared a $0.18-per-share dividend on common stock. 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 $9,443,000. 4. Prepare the Stockholders' Equity section of the December 31,20Y5, balance sheet