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 (650,000 shares authorized, 440,000 shares issued) $4,400,000 Paid-In Capital in Excess of Stated Value-Common Stock 850,000 Retained Earnings 9,990,000 Treasury Stock (44,000 shares, at cost) 660,000 The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of $0.12 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $47,520 Apr. 10. Issued 85,000 shares of common stock for $1,360,000. June 6. Sold all of the treasury stock for $18 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 28,000 shares of treasury stock for $20 per share Dec. 28. Declared a $0.15-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $10,390,000 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