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 (700,000 shares authorized, 460,000 shares issued) $4,600,000 Pald-in Capital in Excess of Stated Value-Common Stock 850,000 Retained Earnings 10,440,000 Treasury Stock (46,000 shares, at cost) 644,000 The following selected transactions occurred during the year! Jan. 15. Pald cash dividende 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 $62,100. Mar. 15. Sold all of the treasury stock for $17 per share Apr. 13. Issued 85,000 shares of common stock for $1,360,000. 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 shares of stock for the stock dividend declared on June 14 Oct. 30. Purchased 29,000 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 have been entered in T accounts for the stockholders' equity accounts. Record the above transactions in the Taccounts and provide the December 31 balance where appropriate. If required, round to one decimal place, Required: The marylance been in accounts for the chosen tycoon. We are the Doctor 3 round to one Common Stock 1 400.000 50,000 OC. Paldin Capital in Excess of stated Valve-Common Stock an 850,000 Det Retained Earnings Dec LIB 10/440,000 pec. 31 Treasury Stock Jan. 1 Bal. 644,000 Mar 15 Oct. 30 Dec. 31 Bal. Pald-In Capital from Sale of Treasury Stock Mar. 15 Stock Dividends Distributable July 16 Dune 14 Stock Dividends Dec. 31 June 14 Cash Dividends Dec. 30 Dec. 31 2. Joumate the entnes to record the transactions for a compound transaction, an amount box does not recent cave it bank Dan. 15. Pas divided of 80.15 per share on the common stock. The dividend had been property recorded when declared on December 1 of preceding face year for 162,00 Date Account Debit Credit Jan. 15 62,100 62.100 Mar. 15. Sold all of the treasury stock for $17 per share Date Account Debit Credit Mar 15 Theory Stoc pa din Capital from Sale Treasury Stock Apr. 13. Issued 85,000 shares of common stock for $1.300.000 Date Account Debit Credit Apr 13 Cash Common Stock Paid in Capital in Excess of Stated Valve Common Stock 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 Stock Dividends Stock Dividends Distributable Paid-In Capital in Excess of Stated Value-Common Stock July 16. Issued stock for stock dividend declared on June 14. Date Account Debit Credit July 16 Stock Dividends Distributable Common Stock Oct. 30. Purchased 29,000 shares of treasury stock for $19 per share. Date Account Debit Credit Oct. 30 Treasury Stock Cash Dec. 30. Declared a $0.18-per-share dividend on common stock. Date Account Debit Credit Dec. 30 Cash Dividends Cash Dividends Payable Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Account Debit Credit Dec. 31 Retained Earnings Stock Dividends Cash Dividends 3. Prepare a statement of stockholders' equity for the year ended December 31, 2011. Assume that net income was $10.58,000 for the year codec 31, 2011 Foton in which you Betracted or negative numbers use a minus gran amount ton does not requirement, leave it thank or entero Statement of stockholders' Equity Paid in Capital in Es of State Value Paldin Capital from Sale of Treasury Stech THUY Stock Common Stock Yol Come Sce Net.com Cash Dividends Sto Divanda Se olur SOC Purth Stock Balances, December 4. Prepare the stockholders' Equity section of the December 31, 2011, balance sheet. For those boxes in which you must enter subtracted or negative numbers at a minussion Now Enterprises Inc Balance Sheet December 31, 2011 Stockholders' Equity Paid-in Capital Common Stocs10 Stated Valuc200,000 shares Authorized572260 Stund Excess of issue Price Over Stated Value From Sale of Treasury Stock Total Paid-In Capital Retaines Eamins Total Treasury Stock (29,000 Shares, at Cost Total Stocicholders' Equity
