Entries for Selected Corporate Transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises stockholders' equity accounts, with balances on January 1, 2011, are as follows: $2,600,000 500,000 Common Stock, $10 stated value (400,000 shares authorized, 260,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (26,000 shares, at cost) 5,900,000 364,000 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 $30,420 Mar. 15. Sold all of the treasury stock for $17 per share. Apr. 13. Issued 50,000 shares of common stock for $900,000. June 14. Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share. July 16. Issued shares of stock for the stock dividend declared on June 14. Oct. 30. Purchased 16,000 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 Taccounts 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. 2,600,000 Dec. 31 Bal. Common Stock Jan. 1 Bal. 2,600,000 Dec. 31 Bal. Pald-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. 500,000 Dec. 31 Bal. Retained Earnings Jan. 1 Bal. 5,900,000 Dec. 31 Bal. Treasury Stock 364,000 Jan. 1 Bal. Dec. 31 Bal. Pald-In Capital from Sale of Treasury Stock Paid-In Capital from Sale of Treasury Stock Stock Dividends Distributable Stock Dividends Cash Dividends 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 $30,420. Date Account Debit Debit Credit Jan. 15 Mar. 15. Sold all of the treasury stock for $17 per share. Date Account Debit Credit Mar. 15 Apr. 13. Issued 50,000 shares of common stock for $900,000 Date Account Debit Credit Apr. 13 June 14. Declared a 5% on common stock, to be capitalized at the market price of the stock, which is $20 per share. Date Account Debit Credit June 14 July 16. Issued stock for stock dividend declared on June 14. Date Account Debit Credit July 16 Oct. 30. Purchased 16,000 shares of treasury stock for $19 per share. Date Account Debit Debit Credit Oct. 30 Dec. 30. Declared a $0.16-per-share dividend on common stock. Date Account Debit Credit (Pre Dec. 30. Declared a $0.16-per-share dividend on common stock. Date Account Debit Credit Dec. 30 Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Account Debit Credit Dec. 31 3. Prepare a statement of stockholders' equity for the year ended December 31, 2011. Assume that net income was $6,136,000 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 "O". Nav-Go Enterprises Inc. Statement of Stockholders' Equity For the Year Ended December 31, 2011 Paid In Capital in Excess of Stated Value Pald-In Capital from Sale of Treasury Stock Common Stock Retained Earnings Treasury Stock Total Previous Check My Work eBook Calculator Print Item Nav-Go Enterprises Inc. Statement of Stockholders' Equity For the Year Ended December 31, 2011 Paid-In Capital from Sale Pald-In Capital in Excess of Stated Value Common Stock Treasury Stock Retained Earnings Treasury Stock Total 4. Prepare the "Stockholders' Equity" section of the December 31, 2011, balance sheet. For those boxes in which you negative numbers use a minus sign. Nav-Go Enterprises Inc. Balance Sheet December 31, 20Y1 Stockholders' Equity Pald-In Capital: 4. Prepare the "Stockholders' Equity" section of the December 31, 2041, 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: Total Paid-In Capital Total Stockholders' Equity Entries for Selected Corporate Transactions Nav.Go Enterprises Inc. produces aeronautical navigation equipment. Nav.Go Enterprises' stockholders' equity accounts, with balances on January 1, 2011, are as follows: Common Stock, $10 stated value (400,000 shares authorized, 260,000 shares issued) $2,600,000 Pald-In Capital in Excess of Stated Value-Common Stock 500,000 Retained Earnings 5,900,000 Treasury Stock (26,000 shares, at cost) 364,000 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 $30,420. Mar. 15. Sold all of the treasury stock for $17 per share. Apr. 13. Issued 50,000 shares of common stock for $900,000. June 14. Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share. July 16. Issued shares of stock for the stock dividend declared on June 14. Oct. 30. Purchased 16,000 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 accounts and provide the December 31 balance where appropriate. If required, round to one decimal place