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 (800,000 shares authorized, 540,000 shares issued)	$5,400,000
Paid-In Capital in Excess of Stated Value-Common Stock	1,050,000
Retained Earnings	12,260,000
Treasury Stock (54,000 shares, at cost)	756,000

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 $68,040.
Mar. 15.	Sold all of the treasury stock for $17 per share.
Apr. 13.	Issued 105,000 shares of common stock for $1,680,000.
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 34,000 shares of treasury stock for $19 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.	5,400,000
		Apr. 13	fill in the blank 2
		July 16	fill in the blank 4
		Dec. 31 Bal.	fill in the blank 5

Paid-In Capital in Excess of Stated Value-Common Stock
		Jan. 1 Bal.	1,050,000
		Apr. 13	fill in the blank 7
		June 14	fill in the blank 9
		Dec. 31 Bal.	fill in the blank 10

Retained Earnings
Dec. 31	fill in the blank 12	Jan. 1 Bal.	12,260,000
		Dec. 31	fill in the blank 14
		Dec. 31 Bal.	fill in the blank 15

Treasury Stock
Jan. 1 Bal.	756,000	Mar. 15	fill in the blank 17
Oct. 30	fill in the blank 19
Dec. 31 Bal.	fill in the blank 20

Paid-In Capital from Sale of Treasury Stock
		Mar. 15	fill in the blank 22

Stock Dividends Distributable
July 16	fill in the blank 24	June 14	fill in the blank 26

Stock Dividends
June 14	fill in the blank 28	Dec. 31	fill in the blank 30

Cash Dividends
Dec. 30	fill in the blank 32	Dec. 31	fill in the blank 34

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 $68,040.

Date	Account	Debit	Credit
Jan. 15	Cash Dividends Payable	fill in the blank 36	fill in the blank 37
	Cash	fill in the blank 39	fill in the blank 40

Mar. 15. Sold all of the treasury stock for $17 per share.

Date	Account	Debit	Credit
Mar. 15	Cash	fill in the blank 42	fill in the blank 43
	Treasury Stock	fill in the blank 45	fill in the blank 46
	Paid-In Capital from Sale of Treasury Stock	fill in the blank 48	fill in the blank 49

Apr. 13. Issued 105,000 shares of common stock for $1,680,000

Date	Account	Debit	Credit
Apr. 13	Cash	fill in the blank 51	fill in the blank 52
	Common Stock	fill in the blank 54	fill in the blank 55
	Paid-In Capital in Excess of Stated Value-Common Stock	fill in the blank 57	fill in the blank 58

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	fill in the blank 60	fill in the blank 61
	Stock Dividends Distributable	fill in the blank 63	fill in the blank 64
	Paid-In Capital in Excess of Stated Value-Common Stock	fill in the blank 66	fill in the blank 67

July 16. Issued stock for stock dividend declared on June 14.

Date	Account	Debit	Credit
July 16	Stock Dividends Distributable	fill in the blank 69	fill in the blank 70
	Common Stock	fill in the blank 72	fill in the blank 73

Oct. 30. Purchased 34,000 shares of treasury stock for $19 per share.

Date	Account	Debit	Credit
Oct. 30	Treasury Stock	fill in the blank 75	fill in the blank 76
	Cash	fill in the blank 78	fill in the blank 79

Dec. 30. Declared a $0.17-per-share dividend on common stock.

Date	Account	Debit	Credit
Dec. 30	Cash Dividends	fill in the blank 81	fill in the blank 82
	Cash Dividends Payable	fill in the blank 84	fill in the blank 85

Dec. 31. Closed the two dividends accounts to Retained Earnings.

Date	Account	Debit	Credit
Dec. 31	Retained Earnings	fill in the blank 87	fill in the blank 88
	Stock Dividends	fill in the blank 90	fill in the blank 91
	Cash Dividends	fill in the blank 93	fill in the blank 94

3. Prepare a statement of stockholders equity for the year ended December 31, 20Y1. Assume that net income was $12,750,000 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
	Common Stock	Paid-In Capital in Excess of Stated Value	Paid-In Capital from Sale of Treasury Stock	Retained Earnings	Treasury Stock	Total
Balances, January 1	$fill in the blank 96	$fill in the blank 97	$fill in the blank 98	$fill in the blank 99	$fill in the blank 100	$fill in the blank 101
Issued Common Stock	fill in the blank 103	fill in the blank 104				fill in the blank 105
Net Income				fill in the blank 107		fill in the blank 108
Cash Dividends				fill in the blank 110		fill in the blank 111
Stock Dividends	fill in the blank 113	fill in the blank 114		fill in the blank 115		fill in the blank 116
Sale of Treasury Stock			fill in the blank 118		fill in the blank 119	fill in the blank 120
Purchase of Treasury Stock					fill in the blank 122	fill in the blank 123
Balances, December 31	$fill in the blank 125	$fill in the blank 126	$fill in the blank 127	$fill in the blank 128	$fill in the blank 129	$fill in the blank 130

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 (800,000 Shares Authorized, 677,250 Shares Issued)	fill in the blank 132
Excess of Issue Price Over Stated Value	fill in the blank 134
From Sale of Treasury Stock	fill in the blank 136
Total Paid-In Capital		fill in the blank 137
Retained Earnings		fill in the blank 139
Total		fill in the blank 140
Treasury Stock (34,000 Shares, at Cost)		fill in the blank 142
Total Stockholders' Equity		fill in the blank 143