Entries for Selected Corporate Transactions Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2045, are as fol $5,600,000 Common Stock, $10 stated value (850,000 shares authorized, 560,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock 1,050,000 12,710,000 Retained Earnings 840,000 Treasury Stock (56,000 shares, at cost) The following selected transactions occurred during the year: o Jan. 22. Paid cash dividends of $0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $70,560. Apr. 10. Issued 105,000 shares of common stock for $1,890,000. June 6. Sold all of the treasury stock for $1,008,000. 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 35,000 shares of treasury stock for $700,000. Dec. 28. Declared a $0.17-per-share dividend on common stock 31. Closed the credit balance of the income summary account, $13,218,000. 31. Closed the two dividends accounts to Retained Earnings. Common Stock Jan. 1 Bal. 5,600,000 Dec. 31 Bal. Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. 1,050,000 Dec. 31 Bal. Retained Earnings Jan. 1 Bal. 12,710,000 Dec. 31 Bal. Treasury Stock Jan. 1 Bal. 840,000 Dec. 31 Bal. Paid-In Capital from Sale of Treasury Stock Stock Dividends Distributable Stock Dividends Cash Dividends Date Account Debit Credit Jan. 22 Cash Dividends Payable Cash Apr. 10. Issued 105,000 shares of common stock for $1,890,000 Date Account Debit Credit Apr. 10 June 6. Sold all of the treasury stock for $1,008,000. Date Account Debit Credit June 6