Entries for Selected Corporate Transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders' equity accounts, with balances on January 1, 2041, are as follows: Common Stock, $10 stated value (300,000 shares authorized, $2,000,000 200,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock 400,000 Retained Earnings 4,540,000 Treasury Stock (20,000 shares, at cost) 280,000 The following selected transactions occurred during the year: Jan. 15. Paid cash dividends of $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $23,400. Mar. Sold all of the treasury stock for $17 per share. 15. Apr. Issued 40,000 shares of common stock for $720,000. 13. June Declared a 4% stock dividend on common stock, to be capitalized at the market price of the 14. stock, which is $20 per share. July 16. Issued shares of stock for the stock dividend declared on June 14. Oct. 30. Purchased 13,000 shares of treasury stock for $19 per share. Dec. Declared a $0.16-per-share dividend on common stock. 30. 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. 2,000,000 Dec. 31 Bal. Paid-In Capital in Excess of Stated Value-Common Stock Dan. 1 Bal. 400,000 Dec. 31 Bal. Retained Earnings Jan. 1 Bal. 4,540,000 Dec. 31 Bal. Treasury Stock 280,000 Jan. 1 Bal. Dec. 31 Bal Paid-In Capital from Sale of Treasury Stock Stock Dividends Distributable Stock Dividends Cash Dividends 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 $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding f Date Account Debit Credit Jan. 15 Mar. 15. Sold all of the treasury stock for $17 per share. Date Account Debit Mar. 15 Credit Apr. 13. Issued 40,000 shares of common stock for $720,000 Dec. 30. Declared a $0.16-per-share dividend on common stock. Date Account Debit Credit Dec. 30 Dec. 31. Closed the two dividends accounts to Retained Earnings. Account Debit Credit Date Dec. 31 3. Prepare a statement of stockholders' equity for the year ended December 31, 20Y1. Assume that net income was $4,722,000 for the year ended December 31, 2011. 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 "O". Nav-Go Enterprises Inc. Statement of Stockholders' Equity For the Year Ended December 31, 20Y1 Paid-In Capital in Paid-In Excess of Capital from Sale of Retained Stated Value Treasury Stock Earnings Treasury Stock Common Stock Total eBook Calculator Statement of Stockholders' Equity For the Year Ended December 31, 20Y1 Paid-In Capital in Paid-In Excess of Capital from Sale of Retained Stated Value Treasury Stock Earnings Treasury Stock Common Stock Total $ $ 4. Prepare the "Stockholders' Equity" section of the December 31, 2011, 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: Total Paid-In Capital Total Check My Work
