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 $0.12 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $58,320.
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 $0.15-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. Can you also put the working on how you got Net Income for Retained Earnings