g. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each entry by letter. 033.3,4,5,2 al stockholders' 544,436,200 PR 13-4A Entries for selected corporate transactions Morrow Enterprises Inc, manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2045, are as follows Common Stock. $20 stated value (500,000 shares authorized, 375,000 shares issued) $ 7500.000 825,000 Paid-In Capital in Excess of Stated Value-Common Stock. 33,600,000 Retained Earnings 450.000 Treasury Stock (25,000 shares, at a cost of $18 per share) The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of $0.08 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $28,000. Apr. 10. Issued 75,000 shares of common stock for $24 per share. June 6. Sold all of the treasury stock for $26 per share. July 5. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $25 per share. Chapter 13 Corporations: Organization, Stock Transactions, and Dividends 671 Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 30,000 shares of treasury stock for $19 per share. Dec. 28. Declared a $0.10-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. Instructions 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts sted. Also prepare T accounts for the following: Paid-In Capital from Sale of Treasury Stock: Stock Dividends Distributable; Stock Dividends; Cash Dividends. 2. Journalize the entries to record the transactions and post to the eight selected accounts. 3. Prepare a retained earnings statement for the year ended December 31, 20Y5. Assume that Morrow Enterprises had net income for the year ended December 31, 2045, of $1,125,000. 4. Prepare the Stockholders' Equity section of the December 31, 2045, balance sheet using Method 1 of Exhibit 8. Cash $324,300 PR 13-5A Entries for selected corporate transactions OBJ.3,4,5, Selected transactions completed by ATV Discount Corporation during the current fisc year are as follows: Jan. 5. Split the common stock 4 for 1 and reduced the par from $20 to $5 per shar clit there were 4,000,000 common shares outstanding