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 (500,000 shares authorized, 340,000 shares issued)	$3,400,000
Paid-In Capital in Excess of Stated Value-Common Stock	650,000
Retained Earnings	7,720,000
Treasury Stock (34,000 shares, at cost)	510,000

The following selected transactions occurred during the year:

Jan. 15.	Paid cash dividends of $0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $42,840.
Mar. 15.	Sold all of the treasury stock for $18 per share.
Apr. 13.	Issued 65,000 shares of common stock for $1,170,000.
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 21,000 shares of treasury stock for $20 per share.
Dec. 30.	Declared a $0.17-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. Apr. 13 July 16 Dec. 31 Bal. 3,400,000 650,000 202,50 4,252,50 Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. 650,000 Apr. 13 520,00 June 14 202,50 Dec. 31 Bal. 1,372,50 Dec. 31 Retained Earnings Jan. 1 Bal. Dec. 31 Dec. 31 Bal. 7,720,000 8,029,000 Treasury Stock 510,000 Mar. 15 Jan. 1 Bal. Oct. 30 Dec. 31 Bal. Paid-In Capital from Sale of Treasury Stock Mar. 15 Stock Dividends Distributable June 14 July 16 Stock Dividends Dec. 31 June 14 Cash Dividends Dec. 30 Dec. 30 V C Dec. 31 V D 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 $0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $42,840. Debit Credit Date Jan. 15 Account Cash Dividends Payable Cash Mar. 15. Sold all of the treasury stock for $18 per share. Debit Credit Date Mar. 15 Account Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock Apr. 13. Issued 65,000 shares of common stock for $1,170,000 Date Account Debit Credit Apr. Cash 13 Common Stock Paid-In Capital in Excess of Stated value-Common Stock 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 Stock Dividends 14 Stock Dividends Distributable Paid-In Capital in Excess of Stated Value-Common Stock July 16. Issued stock for stock dividend declared on June 14. Debit Credit Date July 16 Account Stock Dividends Distributable Common Stock Oct. 30. Purchased 21,000 shares of treasury stock for $20 per share. Account Debit Credit Date Oct. 30 Treasury Stock Dec. 30. Declared a $0.17-per-share dividend on common stock. Debit Credit Date Dec. 30 Account Cash Dividends Cash Dividends Payable Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Debit Credit Dec. 31 Account Retained Earnings Stock Dividends Cash Dividends 3. Prepare a statement of stockholders' equity for the year ended December 31, 20Y1. Assume that net income was $8,029,000 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, 20Y1 Paid-In Paid-In Capital Capital in from Excess of Sale of Common Stated Treasury Retained Stock Value Stock Earnings Treasury Stock Total Balances, January 1 Issued Common Stock Net Income Cash Dividends Stock Dividends Sale of Treasury Stock Purchase of Treasury Stock Balances, December 31 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, 2011 Stockholders' Equity Paid-In Capital: Common Stock, $10 Stated Value (500,000 Shares Authorized, 425,250 Shares Issued) VS Excess of Issue Price Over Stated Value From Sale of Treasury Stock Total Paid-In Capital Retained Earnings Total Treasury Stock (21,000 Shares, at Cost) Total Stockholders' Equity