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, $5 stated value (900,000 shares authorized, 620,000 shares issued) $3,100,000 Paid In Capital in Excess of Stated ValueCommon Stock 1,240,000 Retained Earnings 4,875,000 Treasury Stock (48,000 shares, at cost) 288,000 The following selected transactions occurred during the year Jan 15 Paid cash dividends of $0 06 per share on the common stock The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $34,320 Mar 15 Sold all of the treasury stock for $6 75 per share Apr 13 Issued 200,000 shares of common stock for $8 per share June 14 Declared a 3 stock dividend on common stock, to be capitalized at the market price of the stock, which is $7 50 per share July 16 Issued stock for stock dividend declared on June 14 Oct 30 Purchased 50,000 shares of treasury stock for $6 per share Dec 30 Declared an $0 08 per share dividend on common stock 31 Closed the two dividends accounts to Retained Earnings Required 2 Journalize the entries to record the transactions, and post to the eight selected accounts If an amount box does not require an entry, leave it blank Jan 15 Paid cash dividends of $0 06 per share on the common stock The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $34,320 Date Account Debit Credit Jan 15 CashCash DividendsCash Dividends PayableCommon StockStock Dividends Distributable fill in the blank 36 fill in the blank 37 CashCash DividendsCash Dividends PayableCommon StockStock Dividends fill in the blank 39 fill in the blank 40 Mar 15 Sold all of the treasury stock for $6 75 per share Date Account Debit Credit Mar 15 CashCommon StockPaid In Capital in Excess of Stated Value Common StockRetained EarningsTreasury Stock fill in the blank 42 fill in the blank 43 CashCommon StockPaid In Capital in Excess of Stated Value Common StockRetained EarningsTreasury Stock fill in the blank 45 fill in the blank 46 Common StockPaid In Capital from Sale of Treasury StockPreferred StockRetained EarningsStock Dividends Distributable fill in the blank 48 fill in the blank 49 Apr 13 Issued 200,000 shares of common stock for $8 per share Date Account Debit Credit Apr 13 CashCommon StockPaid In Capital from Sale of Treasury StockPaid In Capital in Excess of Stated Value Common StockTreasury Stock fill in the blank 51 fill in the blank 52 CashCash DividendsCommon StockStock DividendsTreasury Stock fill in the blank 54 fill in the blank 55 CashCash Dividends PayablePaid In Capital from Sale of Treasury StockPaid In Capital in Excess of Stated Value Common StockPreferred Stock fill in the blank 57 fill in the blank 58 June 14 Declared a 3 stock dividend on common stock, to be capitalized at the market price of the stock, which is $7 50 per share Date Account Debit Credit June 14 CashCommon StockPaid In Capital in Excess of Stated Value Common StockStock DividendsStock Dividends Distributable fill in the blank 60 fill in the blank 61 CashCommon StockPaid in Capital from Sale of Treasury StockStock Dividends DistributableTreasury Stock fill in the blank 63 fill in the blank 64 CashCash DividendsPaid In Capital in Excess of Stated Value Common StockStock DividendsTreasury Stock 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 CashCash Dividends PayableCommon StockStock DividendsStock Dividends Distributable fill in the blank 69 fill in the blank 70 CashCash Dividends PayableCommon StockStock DividendsStock Dividends Distributable fill in the blank 72 fill in the blank 73 Oct 30 Purchased 50,000 shares of treasury stock for $6 per share Date Account Debit Credit Oct 30 CashCommon StockPaid In Capital from Sale of Treasury StockStock DividendsTreasury Stock fill in the blank 75 fill in the blank 76 CashCommon StockPaid In Capital from Sale of Treasury StockStock Dividends DistributableTreasury Stock fill in the blank 78 fill in the blank 79 Dec 30 Declared an $0 08 per share dividend on common stock Date Account Debit Credit Dec 30 CashCash DividendsCash Dividends PayableCommon StockTreasury Stock fill in the blank 81 fill in the blank 82 CashCash Dividends PayableCommon StockStock DividendsStock Dividends Distributable 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 CashCash DividendsRetained EarningsStock DividendsStock Dividends Distributable fill in the blank 87 fill in the blank 88 CashCommon StockRetained EarningsStock DividendsStock Dividends Distributable fill in the blank 90 fill in the blank 91 CashCash DividendsIncome SummaryRetained EarningsTreasury Stock 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 $775,000 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 Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock $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 Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock fill in the blank 103 fill in the blank 104 fill in the blank 105 Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock fill in the blank 107 fill in the blank 108 Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock fill in the blank 110 fill in the blank 111 Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock fill in the blank 113 fill in the blank 114 fill in the blank 115 fill in the blank 116 Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock fill in the blank 118 fill in the blank 119 fill in the blank 120 Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock fill in the blank 122 fill in the blank 123 Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock $fill in the blank 125 $fill in the blank 126 $fill in the blank 127 $fill in the blank 128 $fill in the blank 129 $fill in the blank 130 4 Prepare the Stockholders Equity section of the December 31, 20Y1, balance sheet For those boxes in which you must enter subtracted or negative numbers use a minus sign Nav Go Enterprises Inc Balance Sheet December 31, 20Y1 Stockholders' Equity Paid In Capital CashCommon Stock, $5 Stated Value (900,000 Shares Authorized, 844,600 Shares Issued)Retained EarningsTreasury Stock (50,000 Shares at Cost) $fill in the blank 132 CashExcess of Issue Price Over Stated ValueRetained EarningsTreasury Stock (50,000 Shares at Cost) fill in the blank 134 CashFrom Sale of Treasury StockRetained EarningsTreasury Stock (50,000 Shares at Cost) fill in the blank 136 Total Paid In Capital Common Stock, $5 Stated Value (900,000 Shares Authorized, 844,600 Shares Issued)From Sale of Treasury StockRetained EarningsTreasury Stock (25,000 Shares at Cost) Total Treasury Stock (50,000 Shares at Cost)Excess of Issue Price Over Stated Value Common StockCashRetained Earnings Total Stockholders' Equity

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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 1, 20Y1, are as

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, $5 stated value (900,000 shares authorized, 620,000 shares issued)	$3,100,000
Paid-In Capital in Excess of Stated ValueCommon Stock	1,240,000
Retained Earnings	4,875,000
Treasury Stock (48,000 shares, at cost)	288,000

The following selected transactions occurred during the year:

Jan. 15.	Paid cash dividends of $0.06 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $34,320.
Mar. 15.	Sold all of the treasury stock for $6.75 per share.
Apr. 13.	Issued 200,000 shares of common stock for $8 per share.
June 14.	Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is $7.50 per share.
July 16.	Issued stock for stock dividend declared on June 14.
Oct. 30.	Purchased 50,000 shares of treasury stock for $6 per share.
Dec. 30.	Declared an $0.08-per-share dividend on common stock.
31.	Closed the two dividends accounts to Retained Earnings.

Required:

2. Journalize the entries to record the transactions, and post to the eight selected accounts. If an amount box does not require an entry, leave it blank.

Jan. 15. Paid cash dividends of $0.06 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $34,320.

Date	Account	Debit	Credit
Jan. 15	CashCash DividendsCash Dividends PayableCommon StockStock Dividends Distributable	fill in the blank 36	fill in the blank 37
	CashCash DividendsCash Dividends PayableCommon StockStock Dividends	fill in the blank 39	fill in the blank 40

Mar. 15. Sold all of the treasury stock for $6.75 per share.

Date	Account	Debit	Credit
Mar. 15	CashCommon StockPaid-In Capital in Excess of Stated Value-Common StockRetained EarningsTreasury Stock	fill in the blank 42	fill in the blank 43
	CashCommon StockPaid-In Capital in Excess of Stated Value-Common StockRetained EarningsTreasury Stock	fill in the blank 45	fill in the blank 46
	Common StockPaid-In Capital from Sale of Treasury StockPreferred StockRetained EarningsStock Dividends Distributable	fill in the blank 48	fill in the blank 49

Apr. 13. Issued 200,000 shares of common stock for $8 per share.

Date	Account	Debit	Credit
Apr. 13	CashCommon StockPaid-In Capital from Sale of Treasury StockPaid-In Capital in Excess of Stated Value-Common StockTreasury Stock	fill in the blank 51	fill in the blank 52
	CashCash DividendsCommon StockStock DividendsTreasury Stock	fill in the blank 54	fill in the blank 55
	CashCash Dividends PayablePaid-In Capital from Sale of Treasury StockPaid-In Capital in Excess of Stated Value-Common StockPreferred Stock	fill in the blank 57	fill in the blank 58

June 14. Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is $7.50 per share.

Date	Account	Debit	Credit
June 14	CashCommon StockPaid-In Capital in Excess of Stated Value-Common StockStock DividendsStock Dividends Distributable	fill in the blank 60	fill in the blank 61
	CashCommon StockPaid-in Capital from Sale of Treasury StockStock Dividends DistributableTreasury Stock	fill in the blank 63	fill in the blank 64
	CashCash DividendsPaid-In Capital in Excess of Stated Value-Common StockStock DividendsTreasury Stock	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	CashCash Dividends PayableCommon StockStock DividendsStock Dividends Distributable	fill in the blank 69	fill in the blank 70
	CashCash Dividends PayableCommon StockStock DividendsStock Dividends Distributable	fill in the blank 72	fill in the blank 73

Oct. 30. Purchased 50,000 shares of treasury stock for $6 per share.

Date	Account	Debit	Credit
Oct. 30	CashCommon StockPaid-In Capital from Sale of Treasury StockStock DividendsTreasury Stock	fill in the blank 75	fill in the blank 76
	CashCommon StockPaid-In Capital from Sale of Treasury StockStock Dividends DistributableTreasury Stock	fill in the blank 78	fill in the blank 79

Dec. 30. Declared an $0.08-per-share dividend on common stock.

Date	Account	Debit	Credit
Dec. 30	CashCash DividendsCash Dividends PayableCommon StockTreasury Stock	fill in the blank 81	fill in the blank 82
	CashCash Dividends PayableCommon StockStock DividendsStock Dividends Distributable	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	CashCash DividendsRetained EarningsStock DividendsStock Dividends Distributable	fill in the blank 87	fill in the blank 88
	CashCommon StockRetained EarningsStock DividendsStock Dividends Distributable	fill in the blank 90	fill in the blank 91
	CashCash DividendsIncome SummaryRetained EarningsTreasury Stock	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 $775,000 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
Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock	$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
Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock	fill in the blank 103	fill in the blank 104				fill in the blank 105
Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock				fill in the blank 107		fill in the blank 108
Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock				fill in the blank 110		fill in the blank 111
Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock	fill in the blank 113	fill in the blank 114		fill in the blank 115		fill in the blank 116
Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock			fill in the blank 118		fill in the blank 119	fill in the blank 120
Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock					fill in the blank 122	fill in the blank 123
Balances, January 1Balances, December 31Cash DividendsIssued Common StockStock DividendsSale of Treasury StockNet IncomeNet LossPurchase of Treasury Stock	$fill in the blank 125	$fill in the blank 126	$fill in the blank 127	$fill in the blank 128	$fill in the blank 129	$fill in the blank 130

4. Prepare the "Stockholders Equity" section of the December 31, 20Y1, balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

Nav-Go Enterprises Inc. Balance Sheet December 31, 20Y1
Stockholders' Equity
Paid-In Capital:
CashCommon Stock, $5 Stated Value (900,000 Shares Authorized, 844,600 Shares Issued)Retained EarningsTreasury Stock (50,000 Shares at Cost)	$fill in the blank 132
CashExcess of Issue Price Over Stated ValueRetained EarningsTreasury Stock (50,000 Shares at Cost)	fill in the blank 134
CashFrom Sale of Treasury StockRetained EarningsTreasury Stock (50,000 Shares at Cost)	fill in the blank 136
Total Paid-In Capital
Common Stock, $5 Stated Value (900,000 Shares Authorized, 844,600 Shares Issued)From Sale of Treasury StockRetained EarningsTreasury Stock (25,000 Shares at Cost)
Total
Treasury Stock (50,000 Shares at Cost)Excess of Issue Price Over Stated Value-Common StockCashRetained Earnings
Total Stockholders' Equity