Entries for Selected Corporate Transactions Morrow Enterprises Inc. manufactures bathroom futures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2045, are as follows: Common Stock, $10 stated value (450,000 shares authorized, 300,000 shares issued) $3,000,000 Paid-in Capital in Excess of Stated Value-Common Stock 550,000 Retained Earnings 6,810,000 Treasury Stock (30,000 shares, at cost) 420.000 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 December 1 of the preceding fiscal year for $35,100. Apr. 10. Issued 55,000 shares of common stock for $990,000. June 6. Sold all of the treasury stock for $510,000. July 5. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 19,000 shares of treasury stock for $361,000. Dec. 28. Declared a $0.16-per-share dividend on common stock 31. Closed the credit balance of the income summary account. $7,082 31. Closed the two dividends accounts to Retaned Earnings Required: Record the above transactions the accounts and provide the December 31 1. The January 1 balances have been entered accounts for the ste 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 fiscal year for $35,100. Date Account Credit Jan. 22 Apr. 10. Issued 55,000 shares of common stock for $990,000. Account Debit Credit Date Apr. 10 June 6. Sold all of the treasury stock for $510.000 Credit Debit Date Account eBook Calculator Date Credit Dec. 31 3. Prepare a retained earnings statement for the year ended December 31, 2045. Assume that Morrow Enterprises Inc. had net income for the year ended December 31, 2045, of $7,082,000. Morrow Enterprises Inc. Retained Earnings Statement For the Year Ended December 31, 2015 Dividends: 4. Prepare the Stockholders' Equity section of the December 31, 2015, balance sheet