Entries for Selected Corporate Transactions Tolbert Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Tolbert Enterprises Inc., with balances on January 1, 2014, are as follows: Common Stock, $10 stated value (650,000 shares authorized, 440,000 shares issued) $4,400,000 Paid-In Capital in Excess of Stated Value-Common Stock 850,000 Retained Earnings 9,990,000 Treasury Stock (44,000 shares, at cost) 704,000 The following selected transactions occurred during the year: Jan. 4. 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 $51,480. Apr. 3. Issued 85,000 shares of common stock for $1,530,000. June 6. Sold all of the treasury stock for $836,000. July 1. Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share. Aug. 15. Issued the certificates for the dividend declared on July 1. Nov. 10. Purchased 28,000 shares of treasury stock for $588,000. Dec. 27. Declared a $0.16-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $10,390,000. 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.