Entries for selected corporate transactions

Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders equity accounts, with balances on January 1, 20Y1, are as follows:

Line Item Description	Amount
Common Stock, $10 stated value (750,000 shares authorized, 500,000 shares issued)	$5,000,000
Paid-In Capital in Excess of Stated Value-Common Stock	950,000
Retained Earnings	11,350,000
Treasury Stock (50,000 shares, at cost)	700,000

The following selected transactions occurred during the year:

Date	Transaction
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 $67,500.
Mar. 15.	Sold all of the treasury stock for $17 per share.
Apr. 13.	Issued 95,000 shares of common stock for $16 per share.
June 14.	Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share.
July 16.	Issued stock for the stock dividend declared on June 14.
Oct. 30.	Purchased 31,000 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 in T accounts for the stockholders equity accounts have been listed below. T accounts for the following accounts have also been created: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. If required, round to one decimal place.

2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of $11,804,000 to the retained earnings account. 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 $67,500.

Mar. 15. Sold all of the treasury stock for $17 per share.

Apr. 13. Issued 95,000 shares of common stock for $1,520,000

June 14. Declared a 4% on common stock, to be capitalized at the market price of the stock, which is $18 per share.

July 16. Issued stock for stock dividend declared on June 14.

Oct. 30. Purchased 31,000 shares of treasury stock for $19 per share.

Dec. 30. Declared a $0.18-per-share dividend on common stock.

Dec. 31. Closed the two dividends accounts to Retained Earnings.

3. Prepare a statement of stockholders equity for the year ended December 31, 20Y1. Assume that net income was $11,804,000 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.

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. Statement of Stockholders' Equity For the Year Ended December 31, 20Y1 Nav-Go Enterprises Inc. Balance Sheet December 31, 20Y1 Stockholders' Equity Paid-In Capital: Total Stockholders' Equity