Entries for selected Corporate Transactions Morrow Enterprises the manufactures bathroom flatures. The stockholde equity accounts of Morrow Enterprises Inc, with balances on May 1, 2045, are as follow Commen Stock, 110 stated value (750,000 shares authored, 900.000 shares issued) $5,000,000 Pald-in Capital in Excess of stated Vue Common Stock 950,000 Retained Earrings 11,350,000 Treasury Stock (50,000 shares of a cost of 51per share) 700,000 The following selected transactions occurred during the year Jan. 22. Paid casti dividends of $0.13 per share on the common stock. The dividend had been property recorded when declared on December of the preceding Niscal year for $58,500 Apr 10. Issued 95.000 shares of common stock for $10 per share. June 6. Sold all of the treasury stock for 1850,000 u 5. Declared 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 31,000 shares of treasury stock for $589,000. Dec 28. Declared a 0.16-per-share dividend on common stock 31. Cosed the two dividends accounts to and farrings Required: 1. The January 1 balances Nave been entered in accounts for the stockholders' equity accounts. Record the above transactions in the accounts and provide the December 31 balance where appropriate Common Stock 1 Bal 5.000.000 Dec 31 Bal Paid In Capital in Excess of stated Value-Common Stock Previous Check My Work Common Stock Ian 1 Bai 5,000,000 Dec 31 Bar Pald-in Capital in excess of stated Value-Common stock n. 10 950,000 Dec 31 Bal Retained Earnings Jan. 1 Bal 11,350,000 Dec 31 Bal Treasury Stock 700,000 Jan, 1 Bat Dec 31 Bar Paid-In Capital from Sale of Treasury Stock Dec. 31 Bel Paid-in Capital from Sale of Treasury Stock Stock Dividende Distributable Stock Dividends Cash Dividends 2. Journaline the entries to record the transactions. If an amount box does not require an entry leave it on Jan. 22. Pod cath ovident of $0.12 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding pacal year for $58,500, Date Account Debit Credit [Jan. 22 Apr. 10. Issved 95.000 shares of common stock for $18 Date Credit Account Debit 2. Nurhaline the entries to record the trans If an amount box does not require an entry leave it a Jan. 22. Paid cash didends of $0.13 per are on the common stock. The dividend had been property recorded when declared on December 1 of the preceding fiscal year for 350.00 Date Account Debit Credit Jan 22 Apr. 10. led 95.000 shares of common stock for $11 Date Account Debit Credit Ar 10 DO June 6. Sold all of the treasury stock for $350,000 Date Account Debit Credit June 6 July 5. Declared a 4 tockoviend on common stock, to be capital at the market price of the stock, which is $20 per share Date Account Debit Credit Julys July 5. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share. Date Account Debit Credit July 5 Aug. 15. Issued the certificates for the dividend declared on July 5. Date Account Debit Credit Aug. 15 Nov. 23. Purchased 31,000 shares of treasury stock for $589,000. Date Account Debit Credit Nov. 23 Dec. 28. Declared a $0.16-per-share dividend on common stock. Date Account Debit Credit Dec. 28 Dec. 31. Closed the two dividends accounts to Retained Earnings. Dec. 31. Cosed the two dividends accounts to Retained Earnings Date Account Debit Credit Dec. 31 3. Prepare a retained cornings statement for the year ended December 31, 20YS. Assume that Morrow Enterprises Inc. had net income for the year ended December 31, 2015, of $11,804,000 Morrow Enterprises Inc. Retained Earnings Statement For the Year Ended December 31, 2045 Dividends: 4. Prepare the stockholders' Equity section of the December 31, 2015, balance sheet Morrow Enterprises Inc. Stockholders' Equity As of December 31, 2015 Paid-to-Capital 4. Prepare the Stockholders' Equity section of the December 31, 2045, balance sheet. Morrow Enterprises Inc. Stockholders' Equity As of December 31, 2015 Paid-In-Capital: Total Paid-In Capital Total Stockholders' Equity