Entries for Selected Corporate Transactions Nay-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders' equity accounts, with balances on January 1, 20V], are as follows: Common Stock, $10 stated value (450,000 shares authorized, 300,000 shares issued) $3,000,000 Paid-In Capital in Excess of Stated Value-Common Stock 550,000 Retained Earnings 6,810,000 Treasury Stock (30,000 shares, at cost) 420,000 The following selected transactions occurred during the year: Jan. 15. Paid cash dividends of $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding scal year for $35,100. Mar. 15. Sold all of the treasury stock for $1? per share. Apr. 13. Issued 55,000 sham of common stock for $990,000. 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 15. Issued shares of shock for the stock dividend declared on June 14. Oct. 30. Purchased 19,000 shares of treasury stock For $19 per share. Dec. 30. Declared a $0.16-penshare 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. 3,000,000 Apr. 13 550,000 July 16 V 177,500 Dec. 31 Bal. 3,727,500 Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. 550,000 Apr. 13 440,000 July 16 X 177,500 Dec. 31 Bal. 1,167,500 Retained Earnings Dec. 31 414,640 X Jan. 1 Bal. 6,810,000 Dec. 31 V 7,082,000 Dec. 31 Bal. 13,477,360 XTreasury Stock Jan. 1 Bal. 420,000 Mar. 15 420,000 Oct. 30 361,000 Dec. 31 Bal. 361,000 Paid-In Capital from Sale of Treasury Stock Mar. 15 90,000 Stock Dividends Distributable July 16 355,000 X June 14 - V 355,000 X Stock Dividends June 14 V 355,000 |Dec. 31 355,000 Cash Dividends Dec. 30 59,640 x Dec. 31 59,640 X2. 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 $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $35,100. Date Account Debit Credit Jan. 15 Cash Dividends Payable V 35,100 Cash V 35,100 V Mar. 15. Sold all of the treasury stock for $17 per share. Date Account Debit Credit Mar. 15 Cash 510,000 Treasury Stock 420,000 Paid-In Capital from Sale of Treasury Stock 90,000 V Apr. 13. Issued 55,000 shares of common stock for $990,000 Date Account Debit Credit Apr. 13 Cash 990,000 V Common Stock 550,000 Paid-In Capital in Excess of Stated Value-Common Stock 440,000 VJune 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 June 14 Stock Dividends V 355,000 V Stock Dividends Distributable 177,500 Paid-In Capital in Excess of Stated Value-Common Stock 177,500 V July 16. Issued stock for stock dividend declared on June 14. Date Account Debit Credit July 16 Cash X 355,000 X Cash X 350,000 X Oct. 30. Purchased 19,000 shares of treasury stock for $19 per share. Date Account Debit Credit Oct. 30 Treasury Stock A . 361,000 V Cash 361,000 VDec. 30. Declared a $0.16-per-share dividend on common stock. Date Account Debit Credit Dec. 30 Cash Dividends 59,640 X Cash Dividends Payable 59,540 X Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Account Debit Credit Dec. 31 Retained Earnings 414,640 X Stock Dividends 355,000 V Cash Dividends 59,640 X3. Prepare a statement of stockholders' equity for the year ended December 31, 20Y1. Assume that net income was $7,082,000 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 Excess of Capital from Sale of Retained Treasury Common Stock Stated Value Treasury Stock Earnings Stock Total alances, January 1 V $ 3,000,000 V $ 550,000 0 V $ 6,810,000 V 420,000 X $ 9,940,000 Issued Common Stock V 550,000 V 440,000 V 990,000 Net Income 7,082,000 7,082,000 Cash Dividends 59,640 X 59,640 Stock Dividends V 177,500 177,500 V 355,000 X 0 Sale of Treasury Stock V 90,000 420,000 V 510,000 Purchase of Treasury Stock 361,000 X 361,000 Balances, December 31 $ 3,727,500 V $ 1,167,500 V 90,000 V $ 13,477,360 X $ 361,000 X $ 18,101,3604. Prepare the \"Stockholders' Equity" section of the December 31, 20Y1, balance sheet. For those bum in which you must enter subtracted or negative numbers use a minus sign. 4,985,MD 13,477,3so ,- 4,935,ooo =