Entries for Selected Corporate Transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. The stockholders' equity accounts of Nav-Go Enterprises Inc., with balances on January 1, 2013, are as follows: Common Stock, $5 stated value (900,000 shares authorized, 620,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings $3,100,000 1,240,000 4,875,000 288,000 Treasury Stock (48,000 shares, at a cost of $6 per share) The following selected transactions occurred during the year: 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. Mar. 15. Sold all of the treasury stock for $6.75 per share. Apr. 13. Issued 200,000 shares of common stock for $8 per share. June 14. Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is $7.50 per share. July 16. Issued the certificates for the dividend declared on June 14. Oct. 30. Purchased 50,000 shares of treasury stock for $6 per share. Dec. 30. 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. Dec. 31 Bal Retained Earnings 1,240,000 Jan. 1 Bal. 4,875,000 Dec. 31 Bal. Treasury Stock Jan. 1 Bal. 288,000 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 property recorded when declared on December 1 of the preceding fiscal year for $34,320. Date Jan. 15 Account Mar 15 Sold all of the treasury stork for 36 75 per share Debit Credit Mar. 15. Sold all of the treasury stock for $6.75 per share. Date Mar. 15 Account Apr. 13. Issued 200,000 shares of common stock for $8 per share. Debit Credit DT Date Apr. 13 Account Debit Credit June 14. Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is $7.50 per share. Date June 141 Account Debit Credit July 16. Issued the certificates for the dividend declared on June 14. Date July 16 Account Oct. 30. Purchased 50,000 shares of treasury stock for $6 per share. Date Oct. 301 Account Dec. 30. Declared a $0.08-per-share dividend on common stock. Date Dec. 30 Account Dec. 31. Closed the two dividends accounts to Retained Earnings. Debit Credit Debit Credit Debit Credit Debit Credit Date Account Debit Credit Dec. 31 3. Prepare a retained earnings statement for the year ended December 31, 20Y3. Assume that Nav-Go Enterprises had net income for the year ended December 31, 20Y3, of $775,000. Nav-Go Enterprises Inc. Retained Earnings Statement For the Year Ended December 31, 20Y3 Dividends: 4. Prepare the Stockholders' Equity section of the December 31, 2013, balance sheet. 4. Prepare the Stockholders' Equity section of the December 31, 20Y3, balance sheet. Nav-Go Enterprises Inc. Stockholders' Equity As of December 31, 2013 Paid-In-Capital: Total Paid-In Capital Total Stockholders' Equity