Entries for selected corporate transactions

Nav$-$Go Enterprises Inc. produces aeronautical navigation equipment. Nav$-$Go Enterprises' stockholders$$ equity accounts, with balances on January $1,20$Y$1,$ are as follows:

Line Item Description Amount

Common Stock, $$10$ stated value $(400,000$ shares authorized, $280,000$ shares issued$)$ $$2,800,000$

Paid$-$In Capital in Excess of Stated Value$-$Common Stock $550,000$

Retained Earnings $6,360,000$

Treasury Stock $(28,000$ shares, at cost$)420,000$

The following selected transactions occurred during the year:

Date Transaction

Jan. $15.$ Paid cash dividends of $$0\mathrm{.}12$ per share on the common stock. The dividend had been properly recorded when declared on December $1$ of the preceding fiscal year for $$30,240.$

Mar. $15.$ Sold all of the treasury stock for $$18$ per share.

Apr. $13.$ Issued $55,000$ shares of common stock for $$18$ per share.

June $14.$ Declared a $5\%$ stock dividend on common stock, to be capitalized at the market price of the stock, which is $$20$ per share.

July $16.$ Issued stock for the stock dividend declared on June $14.$

Oct. $30.$ Purchased $18,000$ shares of treasury stock for $$20$ per share.

Dec. $30.$ Declared a $$0\mathrm{.}15-$per$-$share dividend on common stock.

$31.$ Closed the two dividends accounts to Retained Earnings.

Required:

$1.$ The January $1$ balances in T accounts for the stockholders$$ equity accounts have been listed below. T accounts for the following accounts have also been created: Paid$-$In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. If required, round to one decimal place.

Common Stock

Transaction Debit amount Transaction Credit amount

Jan. $1$ Bal. $3,100,000$

Apr. $13$

fill in the blank $2$

July $16$

fill in the blank $4$

Dec. $31$ Bal. fill in the blank $5$

Paid$-$In Capital in Excess of Stated Value$-$Common Stock

Transaction Debit amount Transaction Credit amount

Jan. $1$ Bal. $1,240,000$

Apr. $13$

fill in the blank $7$

June $14$

fill in the blank $9$

Dec. $31$ Bal. fill in the blank $10$

Retained Earnings

Transaction Debit amount Transaction Credit amount

Dec. $31$

fill in the blank $12$

Jan. $1$ Bal. $4,875,000$

Dec. $31$

fill in the blank $14$

Dec. $31$ Bal. fill in the blank $15$

Treasury Stock

Transaction Debit amount Transaction Credit amount

Jan. $1$ Bal. $288,000$

Mar. $15$

fill in the blank $17$

Oct. $30$

fill in the blank $19$

Dec. $31$ Bal. fill in the blank $20$

Paid$-$In Capital from Sale of Treasury Stock

Transaction Debit amount Transaction Credit amount

Mar. $15$

fill in the blank $22$

Stock Dividends Distributable

Transaction Debit amount Transaction Credit amount

July $16$

fill in the blank $24$

June $14$

fill in the blank $26$

Stock Dividends

Transaction Debit amount Transaction Credit amount

June $14$

fill in the blank $28$

Dec. $31$

fill in the blank $30$

Cash Dividends

Dec. $30$

fill in the blank $32$

Dec. $31$

fill in the blank $34$

$2.$ Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of $$6,614,000$ to the retained earnings account. If an amount box does not require an entry, leave it blank.

Jan. $15.$ Paid cash dividends of $$0\mathrm{.}12$ per share on the common stock. The dividend had been properly recorded when declared on December $1$ of the preceding fiscal year for $$30,240.$

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 $55,000$ shares of common stock for $$990,000$

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 $$20$ 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 $18,000$ 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\mathrm{.}15-$per$-$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 $85$