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 (450,000 shares authorized, 300,000 shares issued) $3,000,000 Paid-In Capital in Excess of Stated Value-Common Stock 550,000 Retained Earnings 6,810,000 Treasury Stock (30,000 shares, at cost) 420,000 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 fiscal year for $35,100. Mar. 15. Sold all of the treasury stock for $17 per share. Apr. 13. Issued 55,000 shares of common stock for $880,000. 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 shares of stock for the stock dividend declared on June 14. Oct. 30. Purchased 19,000 shares of treasury stock for $19 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 T accounts and provide the December 31 balance where appropriate. If required, round to one decimal place. Common Stock Jan. 1 Bal. 3,000,000 Apr. 13 July 16 Dec. 31 Bal. Paid-In Capital in Excess of Stated Value-Common StockJan. 1 Bal. 550,000 Apr. 13 June 14 Dec. 31 Bal. Retained Earnings Dec. 31 Jan. 1 Bal. 6,810,000 Dec. 31 Dec. 31 Bal. Treasury Stock Jan. 1 Bal. 420,000 Mar. 15 Oct. 30 Dec. 31 Bal. Paid-In Capital from Sale of Treasury Stock Mar. 15 Stock Dividends Distributable July 16 Dec. 31 X Stock Dividends June 14 Dec. 31Cash Dividends Dec. 30 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 $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $35,100. Date Account Debit Credit Jan. 15 Cash Dividends Payable Cash Dividends Payable X Mar. 15. Sold all of the treasury stock for $17 per share. Date Account Debit Credit Mar. 15 Paid-In Capital in Excess of Stated Value-Common Stock X Paid-In Capital in Excess of Stated Value-Common Stock X Stock Dividends Distributable X Apr. 13. Issued 55,000 shares of common stock for $880,000 Date Account Debit Credit Apr. 13 Paid-In Capital from Sale of Treasury Stock X Common Stock Paid-In Capital in Excess of Stated Value-Common Stock V June 14. Declared a 4% on common stock, to be capitalized at the market price of the stock, which is $18 per share.Date Account Debit Credit June 14 Common Stock X Common Stock X Cash Dividends X July 16. Issued stock for stock dividend declared on June 14. Date Account Debit Credit July 16 Cash Dividends Payable X Stock Dividends - X Oct. 30. Purchased 19,000 shares of treasury stock for $19 per share. Date Account Debit Credit Oct. 30 Paid-In Capital from Sale of Treasury Stock X Paid-In Capital from Sale of Treasury Stock X Dec. 30. Declared a $0.16-per-share dividend on common stock. Date Account Debit Credit Dec. 30 Cash Dividends Cash X Dec. 31. Closed the two dividends accounts to Retained Earnings.Date Account Debit Credit Dec. 31 Cash Dividends X Retained Earnings X Cash Dividends 3. Prepare a statement of stockholders' equity for the year ended December 31, 20Y1. Assume that net income was $7,082,000 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". Nav-Go Enterprises Inc. Statement of Stockholders' Equity For the Year Ended December 31, 20Y1 Paid-In Capital in Paid-In Excess of Capital from Sale of Retained Treasury Common Stock Stated Value Treasury Stock Earnings Stock Total Balances, January 1 $ $ $ $ Cash Dividends X Issued Common Stock X Stock Dividends X Issued Common Stock X Net Loss X Purchase of Treasury Stock V Net Loss X 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. Balance Sheet December 31, 20Y1 Stockholders' Equity Paid-In Capital: Common Stock, $10 Stated Value (450,000 Shares Authorized, 369,200 Shares Issued) Excess of Issue Price Over Stated Value From Sale of Treasury Stock Total Paid-In Capital Retained Earnings V Total Treasury Stock (19,000 Shares, at Cost) Total Stockholders' Equity