Entries for Selected Corporate Transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. The sockholders equity accounts of New-G Enterprises Inc., with balances on January 1, 2013, 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 Value-Common Stock Retained Earnings Treasury Stock (48,000 shares, at a cost of $6 per share) The following selected transactions occurred during the year 1,240,000 4,875,000 288,000 Jan. Paid cash dividends of $0.06 per share on the common stock. The dindend had been properly recorded when 15. declared on December 1 of the preceding fiscal year for $34,320. Ma Sold all of the treasury stock for $6.75 per share 15. 13. Issued 200,000 shares of common stock for $8 per share. June Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is 14. $7.50 per share. July 16. Oct. 30. Dec 30. Issued the certificates for the dividend declared on June 14. Purchased 50,000 shares of treasury stock for $6 per share. Declared a $0.08-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. Common Stock Jan. 1 Bal 3,100,000- Dec. 31 Bal Paid-In Capital in Excess of Stated Value-Common Stock Jan 1 Bal 1,240,000 Dec. 31 Bal Retained Earnings Jan. 1 Bal 4,875,000 Dec. 31 Bal, Treasury Stock Jan, 1 Bal 286,000 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. 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 $34,320.1 Date: Jan. 15 Account Debit Credit Mar. 15. Sold all of the treasury stock for $6.75 per share. Date Mar 15 Account Debit Credit Apr. 13. Issued 200,000 shares of common stock for $ per share.. Date Apr. 13 Account Debit Credit June 14. Declared a 3% stock dividend on common stock, to be capitalized at the market prior of the stock, which is $7.50 per share. Date June 14 Account Debit Credit July 16, Issued the certificates for the dividend declared on June 14, Date Account Debit Credit July 16 Oct. 30. Purchased 50,000 shares of treasury stock for $6 per share. Date Account Debit Credit Oct. 30 Dec. 30. Declared a $0.08-per-share dividend on common stock. Date Account Debit Credit Dec. 30 Dec. 31. Closed the two dividends accounts to Retained Earnings. DebitCredit Date Dec. 31 Account 3. Prepare a retained earnings statement for the year ended December 31, 2013, Assume that Nav-Go Enterprises had net income for the year ended December 31, 2013, of $775,000, Nav-Go Enterprises Inc. Retained Earnings Statement For the Year Ended December 31, 2013 Dividends: $ 4. Prepare the Stockholders' Equity section of the December 31, 2013, balance sheet. Nav-Go Enterprises Inc. Stockholders' Equity As of December 31, 2013 Paid-In-Capital: Total Paid-In Capital Total Stockholders' Equity