Entries for Selected Corporate Transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders' equity accounts, with balances on January 1, 2011, are as follows: Common Stock, $10 stated value (550,000 shares authorized, 380,000 shares issued) $3,800,000 Paid-In Capital in Excess of Stated Value-Common Stock 700,000 Retained Earnings 8,630,000 Treasury Stock (38,000 shares, at cost) 532,000 The following selected transactions occurred during the year: Jan. 15. Pald cash dividends of $0.15 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $51,300. Mar. 15. Sold all of the treasury stock for $17 per share. Apr. 13. Issued 70,000 shares of common stock for $1,260,000. 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 shares of stock for the stock dividend declared on June 14. Oct. 30. Purchased 24,000 shares of treasury stock for $19 per share. Dec. 30. Declared a $0.18-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 required, round to one decimal place. Common Stock Jan. 1 Bal. Apr. 13 July 16 3,800,000 700,000 225,000 4,725,000 Dec. 31 Bal. Pald-In Capital In Excess of Stated Value-Common Stock jan. 1 Bal. 700,000 Paldin Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. 700,000 Apr. 13 560,000 June 14 225,000 Dec. 31 Bal 1,485,000 Retained Earnings Dec. 31 567,180 Dan. 1 Bal. Dec. 31 Dec. 31 Bal. 8,630,000 8,975,000 17,605,000 Treasury Stock $32,000 Mar. 15 Jan. 1 Bal. 532,000 Oct 30 456,000 Dec. 31 Bal Paid-In Capital from Sale of Treasury Stock 114,000 Stock Dividends Distributable 225,000 June 14 July 16 Stock Dividends 450,000 Dec. 31 450,000 June 14 Cash Dividends 117,180 Dec. 31 117,180 Dec. 30 Check My Work 2 more Check My Work uses remaining Cash Dividends 117,180 Dec. 31 Dec. 30 117,180 2. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry Jan. 15. Pald cash dividends of $0.15 per share on the common stock. The dividend had been properly recorded when declared Date Debit Credit Account Cash Dividends Payable Jan. 15 51,300 Cash 51,300 Mar. 15. Sold all of the treasury stock for $17 per share. Date Account Debit Credit Mar. 15 Cash 646,000 Treasury Stock 532,000 Pald-In Capital from Sale of Treasury Stock 114,000 Apr. 13. Issued 70,000 shares of common stock for $1,260,000 Date Account Apr. 13 Cash Debit Credit 1,260,000 Common Stock 700,000 Paid-In Capital in Excess of Stated Value-Common Stock 560,000 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 Stock Dividends 450,000 Stock Dividends Distributable 225,000 Pald-In Canital in Excess of Stated Value-Common Stock 225,000 July 16. Issued stock for stock dividend declared on June 14. Account Date Credit Debit 225,000 Duly 16 Stock Dividends Distributable Common Stock 225,000 Oct. 30. Purchased 24,000 shares of treasury stock for $19 per share. Date Account Credit Debit 456,000 Oct. 30 Treasury Stock cash 456,000 Dec. 30. Declared a $0.18-per-share dividend on common stock. Date Account Credit Debit 117,180 Dec. 30 Cash Dividends Cash Dividends Payable 117,180 Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Account Debit Credit Dec. 31 Retained Earnings 567,180 Stock Dividends 450,000 Cash Dividends 117,180 3. Prepare a statement of stockholders' equity for the year ended December 31, 2011. Assume that net income was $8,975,000 for the year end subtracted or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank or enter"0". Pald-In Capital in Excess of Stated Value $ 700,000 Pald-In Capital from Sale of Treasury Stock Retained Earnings $8,630,000 Treasury Stock Common Stock $3,800,000 Balances, January 1 $-532,000 12,598,000 Issued Common Stock Net Income Cash Dividends Stock Dividends Sale of Treasury Stock Purchase of Treasury Stock Balances, December 31 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 NAVEGO Enterprises Inc. Balance Sheet December 31, 2011 Stockholders' Equity Paid-In Capital: Total Paid-in capital Check My Work 2 more Check My Work uses remaining All work saved