Entries for Selected Corporate Transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Fnterprises' stockholders' equity accounts, with balances on January 1, 2011, are as follows: Common Stock, $10 stated value (800,000 shares authorized, 520,000 shares issued) Paid In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (52,000 shares, at cost) The following selected transactions occurred during the year: $5,200,000 1,000,000 11,800,000 780,000 Jan. 15. Paid 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 $70,200. Mar. 15. Sold all of the treasury stock for $18 per share. Apr. 13. Issued 100,000 shares of common stock for $1,600,000. June 14. Declared a 5% stuck dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. July 16. Issued shares of stock for the stock dividend declared on June 14. Oct. 30. Purchased 33,000 shares of treasury stock for $20 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 I accounts and provide the December 31 balance where appropriate. If required, round to ane decimal place. Common Stock Jan. 1 Bal. Apr. 13 July 16 Dec. 31 Bal. Paid In Capital in Excess of Stated Value Common Stock Jan. 1 Bal. Apr. 13 Dune 14 5,200,000 1,000.000 260,000 6,460,000 1,000,000 600,000 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. Dec. 31 Common Stock Jan. 1 Bal. Apr. 13 July 16 Dec. 31 Bal. Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. Apr. 13 June 14 Dec. 31 Bal. Retained Earnings 5,200,000 1,000,000 Jan. 1 Bal. 11,800,000 Dec. 31 Dec. 31 Bal. Treasury Stock Jan. 1 Bal. 780,000 Mar. 15 Oct. 30 Dec. 31 Bal. June 14 Dec. 30 Paid-In Capital from Sale of Treasury Stock Mar. 15 Stock Dividends Distributable Stock Dividends Dec. 31 Cash Dividends Dec. 31 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 $0.15 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $70,200. Date Account Jan. 15 Cash Dividends Payable Cash Mar. 15. Sold all of the treasury stock for $18 per share. Date Mar. 15 Account Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock Debit Credit Debit Credit Apr. 13. Issued 100,000 shares of common stock for $1,600,000 Date Apr. 13 Cash Account Common Stock Paid-In Capital in Excess of Stated Value-Common Stock Debit Credit June 14. Declared a 5% on common stock, to be capitalized at the market price of the stock, which is $18 per share. Date June 14 Stock Dividends Stock Dividends Distributable Account Paid-In Capital in Excess of Stated Value-Common Stock July 16. Issued stock for stock dividend declared on June 14. Date Account July 16 Stock Dividends Distributable Common Stock Oct. 30. Purchased 33,000 shares of treasury stock for $20 per share. Date Account Oct. 30 Treasury Stock Cash Dec. 30. Declared a $0.18-per-share dividend on common stock. Debit Credit Debit Credit Debit Credit Apr. 13. Issued 100,000 shares of common stock for $1,600,000 Date Apr. 13 Cash Account Common Stock Paid-In Capital in Excess of Stated Value-Common Stock Debit Credit June 14. Declared a 5% on common stock, to be capitalized at the market price of the stock, which is $18 per share. Date June 14 Stock Dividends Stock Dividends Distributable Account Paid-In Capital in Excess of Stated Value-Common Stock July 16. Issued stock for stock dividend declared on June 14. Date Account July 16 Stock Dividends Distributable Common Stock Oct. 30. Purchased 33,000 shares of treasury stock for $20 per share. Date Account Oct. 30 Treasury Stock Cash Dec. 30. Declared a $0.18-per-share dividend on common stock. Debit Credit Debit Credit Debit Credit Date Dec. 30 Cash Dividends Cash Dividends Payable Account Debit Credit Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Account Dec. 31 Retained Earnings Stock Dividends Cash Dividends Debit Credit 3. Prepare a statement of stockholders' equity for the year ended December 31, 20Y1. Assume that net income was $12,272,000 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". 3. Prepare a statement of stockholders' equity for the year ended December 31, 20Y1. Assume that net income was $12,272,000 for the year ended December 31, 20Y1. For those 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 Balances, January 1 Net Income Cash Dividends Stock Dividends Balances, December 31 Common Stock Paid-In Capital in Excess of Stated Value Paid-In Capital from Sale of Treasury Stock Retained Treasury Earnings Stock Total 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. Stockholders' Equity Balance Sheet December 31, 20Y1 Paid-In Capital: Total Paid-In Capital Total Total Stockholders' Equity