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 (600,000 shares authorized, 400,000 shares issued)	$4,000,000
Paid-In Capital in Excess of Stated Value-Common Stock	750,000
Retained Earnings	9,080,000
Treasury Stock (40,000 shares, at cost)	600,000

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 $46,800.
Apr. 3.	Issued 75,000 shares of common stock for $1,350,000.
June 6.	Sold all of the treasury stock for $720,000.
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 25,000 shares of treasury stock for $500,000.
Dec. 27.	Declared a $0.16-per-share dividend on common stock.
31.	Closed the credit balance of the income summary account, $9,443,000.
31.	Closed the two dividends accounts to Retained Earnings.