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 (300,000 shares authorized, 200,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (20,000 shares, at cost) The following selected transactions occurred during the year: $2,000,000 400,000 4,540,000 280,000 Jan. 15. Paid cash dividends 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 $27,000. Mar. 15. Sold all of the treasury stock for $17 per share. Apr. 13. Issued 40,000 shares of common stock for $720,000. 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 13,000 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 T accounts and provide the December 31 balance where appropriate. If required, round to one decimal place. Jan. 1 Bal. Dec. 31 Bal. Common Stock Jan. 1 Bal. Dec. 31 Bal. Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. Dec. 31 Bal. Retained Earnings 2,000,000 400,000 Jan. 1 Bal. 4,540,000 Dec. 31 Bal. Treasury Stock 280,000 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 $0.15 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $27,000. Date Jan. 15 Account Mar. 15. Sold all of the treasury stock for $17 per share. Date Mar. 15 Account Apr. 13. Issued 40,000 shares of common stock for $720,000 Date Apr. 13 Account Debit Credit Debit Credit Debit Credit June 14. Declared a 5% on common stock, to be capitalized at the market price of the stock, which is $20 per share. Date June 14 Account Debit Credit July 16. Issued stock for stock dividend declared on June 14. Date July 16 Account Oct. 30. Purchased 13,000 shares of treasury stock for $19 per share. Date Oct. 30 Account Dec. 30. Declared a $0.18-per-share dividend on common stock. Date Dec. 30 Account Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Dec. 31 Account Debit Credit Debit Credit Debit Credit Debit Credit Cash Cash Dividends Cash Dividends Payable Common Stock Stock Dividends Distributable Cash Common Stock Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock 3. Prepare a statement of stockholders' equity for the year ended December 31, 20Y1. Assume that net income was $4,722,000 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 Paid-In Capital in Paid-In Common Stock Excess of Stated Value Capital from Sale of Treasury Stock Retained Earnings Treasury Stock Total Cash Common Stock Paid-In Capital from Sale of Treasury Stock Paid-In Capital in Excess of Stated Value-Common Stock Treasury Stock Balances, January 1 Balances, December 31 Cash dividends Issued Common Stock Stock dividends Sale of treasury stock Net Income Net loss Purchase of treasury stock 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. Stockholders' Equity Paid-In Capital: Balance Sheet December 31, 20Y1 Total Paid-In Capital E Total Total Stockholders' Equity Cash Common Stock, $10 Stated Value (300,000 Shares Authorized, 252,000 Shares Issued) Retained Earnings Treasury Stock (13,000 Shares, at Cost) Cash Excess of Issue Price Over Stated Value Retained Earnings Treasury Stock (13,000 Shares, at Cost)