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Entries for Selected Corporate Transactions Nav - Go Enterprises Inc. produces aeronautical navigation equipment. Nav - Go Enterprises' stockholders equity accounts, with balances on January

Entries for Selected Corporate Transactions
Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders equity accounts, with balances on January 1,20Y1, are as follows:
Common Stock, $10 stated value (500,000 shares authorized, 320,000 shares issued) $3,200,000
Paid-In Capital in Excess of Stated Value-Common Stock 600,000
Retained Earnings 7,260,000
Treasury Stock (32,000 shares, at cost)480,000
The following selected transactions occurred during the year:
Jan. 15. 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 $40,320.
Mar. 15. Sold all of the treasury stock for $18 per share.
Apr. 13. Issued 60,000 shares of common stock for $960,000.
June 14. Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share.
July 16. Issued shares of stock for the stock dividend declared on June 14.
Oct. 30. Purchased 20,000 shares of treasury stock for $20 per share.
Dec. 30. Declared a $0.17-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. If required, round to one decimal place.
Common Stock
Jan. 1 Bal. 3,200,000
fill in the blank 2
Incorrect
fill in the blank 4
Dec. 31 Bal. fill in the blank 5
Paid-In Capital in Excess of Stated Value-Common Stock
Jan. 1 Bal. 600,000
fill in the blank 7
fill in the blank 9
Dec. 31 Bal. fill in the blank 10
Retained Earnings
fill in the blank 12 Jan. 1 Bal. 7,260,000
fill in the blank 14
Dec. 31 Bal. fill in the blank 15
Treasury Stock
Jan. 1 Bal. 480,000
fill in the blank 17
fill in the blank 19
Dec. 31 Bal. fill in the blank 20
Paid-In Capital from Sale of Treasury Stock
fill in the blank 22
Stock Dividends Distributable
fill in the blank 24
fill in the blank 26
Stock Dividends
fill in the blank 28
fill in the blank 30
Cash Dividends
fill in the blank 32
fill in the blank 34
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. 15. 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 $40,320.
Date Account Debit Credit
Jan. 15
fill in the blank 36 fill in the blank 37
fill in the blank 39 fill in the blank 40
Mar. 15. Sold all of the treasury stock for $18 per share.
Date Account Debit Credit
Mar. 15
fill in the blank 42 fill in the blank 43
fill in the blank 45 fill in the blank 46
fill in the blank 48 fill in the blank 49
Apr. 13. Issued 60,000 shares of common stock for $960,000
Date Account Debit Credit
Apr. 13
fill in the blank 51 fill in the blank 52
fill in the blank 54 fill in the blank 55
fill in the blank 57 fill in the blank 58
June 14. Declared a 5% on common stock, to be capitalized at the market price of the stock, which is $18 per share.
Date Account Debit Credit
June 14
fill in the blank 60 fill in the blank 61
fill in the blank 63 fill in the blank 64
fill in the blank 66 fill in the blank 67
July 16. Issued stock for stock dividend declared on June 14.
Date Account Debit Credit
July 16
fill in the blank 69 fill in the blank 70
fill in the blank 72 fill in the blank 73
Oct. 30. Purchased 20,000 shares of treasury stock for $20 per share.
Date Account Debit Credit
Oct. 30
fill in the blank 75 fill in the blank 76
fill in the blank 78 fill in the blank 79
Dec. 30. Declared a $0.17-per-share dividend on common stock.
Date Account Debit Credit
Dec. 30
fill in the blank 81 fill in the blank 82
fill in the blank 84 fill in the blank 85
Dec. 31. Closed the two dividends accounts to Retained Earnings.
Date Account Debit Credit
Dec. 31
fill in the blank 87 fill in the blank 88
fill in the blank 90 fill in the blank 91
fill in the blank 93 fill in the blank 94
3. Prepare a statement of stockholders equity for the year ended December 31,20Y1. Assume that net income was $7,550,000 for the year ended December 31,20Y1. For those boxes in which you must enter subtracted or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank or enter 0.
Nav-Go Enterprises Inc.
Statement of Stockholders Equity
For the Year Ended December 31,20Y1
Common Stock Paid-In
Capital in
Excess of
Stated Value Paid-In
Capital from Sale of
Treasury Stock Retained
Earnings Treasury
Stock Total
$fill in the blank 96 $fill in the blank 97 $fill in the blank 98 $fill in the blank 99 $fill in the blank 100 $fill in the blank 101
fill in the blank 103 fill in the bl

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