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 $0.12 per share on the common stock. The dividend had been properly recorded when declared on Dece of the preceding fiscal year for $21,600. Apr. 10. Issued 40,000 shares of common stock for $16 per share. June 6. Sold all of the treasury stock for $360,000. July 5. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 13,000 shares of treasury stock for $260,000. Dec. 28. Declared a $0.15-per-share dividend on common stock. 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. Paid-In Capital in Excess of Stated Value-Common Stock Treasury Stock \begin{tabular}{lr|rl} \hline Jan. 1 Bal. & 300,000 & June 6 6 & \\ Nov. 23 & & \\ \hline Dec. 31 Bal. & & \end{tabular} Paid-In Capital from Sale of Treasury Stock \begin{tabular}{l|ll} \hline June 6 & \end{tabular} Stock Dividends Distributable \begin{tabular}{ll|ll} \hline Aug. 15 July 5 & & \end{tabular} Stock Dividends \begin{tabular}{ll|ll} \hline July 5 & Dec. 31 & \end{tabular} Cash Dividends Apr. 10. Issued 40,000 shares of common stock for $16. June 6. Sold all of the treasury stock for $360,000. July 5. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per shar Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 13,000 shares of treasury stock for $260,000. Dec. 28. Declared a $0.15-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. Assum 4. Prepare the Stockholders' Equity section of the December 31, 20Y5, balance sheet