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 (850,000 shares authorized, 580,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings $5,800,000 1,100,000 13,170,000 870,000 Treasury Stock (58,000 shares, at cost) 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 Oscal year for $67,860. Mar. 15. Sold all of the treasury stock for $18 per share. Apr. 13. Issued 110,000 shares of common stock for $1,980,000. June 14. Declared a 4% 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 36,000 shares of treasury stock for $20 per share. Dec. 30. Declared a $0.16-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 accounts and provide the December 31 balance where appropriate. If required, round to one decimal place. 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. Dec. 31 Bal. Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal Dec. 31 Bal. Retained Earnings 5,800,000 1,100,000 Jan. 1 Bal 13,170,000 Dec. 31 Bal Jan. 1 Bal. Treasury Stock 870,000 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. For a compound transaction, if an amount box does not require an entry, leave it blank 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 fiscal year for $67,860. Date Jan. 15 Account Mar. 15. Sold all of the treasury stock for $18 per share. Date Mar. 15 Account Apr. 13. Issued 110,000 shares of common stock for $1,980,000 Date Apr. 13 Account Debit Credit Debit Credit Debiti Credit June 14. Declared a 4% on common stock, to be capitalized at the market price of the stock, which is $20 per share.. Date June 14 Account July 16. Issued stock for stock dividend declared on June 14. Date July 16 Account Oct. 30. Purchased 36,000 shares of treasury stock for $20 per share. Date Oct. 30 Account Dec. 30. Declared a $0.16-per-share dividend on common stock Debit Credit Debit Credit Debit Credit Dec. 30. Declared a $0.16-per-share dividend on common stock. Date Dec. 30 Account Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Dec. 31 Account Debit Credit Debit Credit 3. Prepare a statement of stockholders' equity for the year ended December 31, 2011. Assume that net income was $13,697,000 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 "0" Nav-Go Enterprises Inc. Statement of Stockholders' Equity For the Year Ended December 31, 201 Paid-In Capital in Paid-In Nav-Go Enterprises Inc. Statement of Stockholders' Equity For the Year Ended December 31, 201 Paid-In Capital in Common Stock Excess of Stated Value Paid-In Capital from Sale of Treasury Stock Retained Earnings Treasury 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 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, 2011 Stockholders' Equity" Paid-In Capital Total Paid-In Capital Total Total Stockholders' Equity