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:

Common Stock, $$10$ stated value $(500,000$ shares authorized, $340,000$ shares issued$)$ $$3,400,000$

Paid$-$In Capital in Excess of Stated Value$-$Common Stock $650,000$

Retained Earnings $7,720,000$

Treasury Stock $(34,000$ shares, at cost$)510,000$

The following selected transactions occurred during the year:

Jan. $15.$ Paid cash dividends of $$0\mathrm{.}15$ per share on the common stock. The dividend had been properly recorded when declared on December $1$ of the preceding fiscal year for $$45,900.$

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

Apr. $13.$ Issued $65,000$ shares of common stock for $$1,040,000.$

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 $21,000$ shares of treasury stock for $$20$ per share.

Dec. $30.$ Declared a $$0\mathrm{.}18-$per$-$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. $2.2.$ Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. $3.3.$ Prepare a statement of stockholders$$ equity for the year ended December $31,20$Y$1.$ Assume that net income was $$8,029,000$ for the year ended December $31,20$Y$1.$ 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 $0.4.$ Prepare the $$Stockholders$$ Equity$$ section of the December $31,20$Y$1,$ balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus sign.