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: Common Stock, $10 stated value (750,000 shares authorized, 500,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (50,000 shares, at cost) The following selected transactions occurred during the year: $5,000,000 950,000 11,350,000 700,000 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 $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 5% 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. Dec. 31 Common Stock Jan. 1 Bal. Apr. 13 July 16 Dec. 31 Bal. 3,100,000 950,000 Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. Apr. 13 June 14 Dec. 31 Bal. Retained Earnings 1,240,000 Jan. 1 Bal. 4,875,000 Dec. 31 Dec. 31 Bal. Treasury Stock Jan. 1 Bal. 288,000 Mar. 15 Oct. 30 Dec. 31 Bal. Paid-In Capital from Sale of Treasury Stock Mar. 15 Stock Dividends Distributable Stock Dividends June 14 Dec. 31 Dec. 30 Cash Dividends Dec. 31 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. Date Jan. 15 Account Debit Credit Mar. 15. Sold all of the treasury stock for $17 per share. Date Mar. 15 Account Debit Credit Apr. 13. Issued 95,000 shares of common stock for $1,520,000 Date Apr. 13 Account 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 Account Debit Credit June 14 July 16. Issued stock for stock dividend declared on June 14. Date July 16 Account Debit Credit Oct. 30. Purchased 31,000 shares of treasury stock for $19 per share. Date Oct. 30 Account Debit Dec. 30. Declared a $0.18-per-share dividend on common stock. Date Dec. 30 Account Credit Debit Credit Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Dec. 31 Account Debit Credit 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. Nav-Go Enterprises Inc. Statement of Stockholders' Equity For the Year Ended December 31, 20Y1 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, 20Y1, balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Stockholders' Equity Paid-In Capital: Total Paid-In Capital Total Total Stockholders' Equity Nav-Go Enterprises Inc. Balance Sheet December 31, 20Y1