hapter 12 PR 12-04B eBook Caloulator Entries for Selected Corporate Transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Navo-Go Enterprises' stockholders' equity accounts, with balances on January 1, 20Y1, are as follows Common Stock, $5 stated value (900,000 shares authorized, 620,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (48,000 shares, at cost) The following selected transactions occurred during the year $3,100,000 1,240,000 4,875,000 288,000 Jan. 15. Paid cash dividends of $0.06 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $34,320. Mar 15. Sold all of the treasury stock for $6.7S per share. Apr. 13. Issued 200,000 shares of common stock for $8 per share June 14. Declared a 3% stock dividend on common stock, to be captained at the market price of the stock, which s s, so per share. July 16. Issued stock for stock dividend declared on June 14. Oct.30. Purchased 50,000 shares of treasury stock for $6 per share. Dec. 30. Deciared an $0.08-per-share dividend on common stock 1. Closed the credt balance of the income summary account, $775,00o. 31. Closed the two dividends accounts to Retained Earnings Required 1. The January 1 balances in T accounts for the stockholders' equity accounts have been listed below. T accounts for the following from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. accounts have also been created: Pald-In Capital Common Stock an. 1 Bal 3,100,000 Common Stock 3,100,000 Jan. 1 Bal. Apr. 13 July 16 Dec. 31 Bal. Paid-In Capital in Excess of Stated Value-Common Stock 1,240,000 Jan. 1 Bal. Jan. 9 June 14 V Dec. 31 Bal. Retained Earnings Jan. 1 Bal. 4,875,000 Dec. 31 Bal. Treasury Stock Jan. 1 Bal. 288,000 Dec. 31 Bal. Paid-In Canital from Sale of Treaeuru Stork Check My Work eBook Paid-In Capital from Sale of Treasury Stock Stock Dividends Distributable Stock Dividends Cash Dividends 2. Journize the entries to record the transections, ans pout to the ght seetunts. or a compound transaction, if an amount box does not require an entry, leave it blank. 2an. 15. Paid cash dividends of 50.06 per share on the common $34,320 dividen d had been property recorded when deciared on December 1 of the preceding fiscal year for Account Debit Credit 34,320 lan. 15 Cash Dividends Payable v Cash v 34,320 Mar. 15. Sold all of the treasury stock for $6.75 per share. Debit Credit Check My Work Dec. 31. Closed the two dividends accounts to Retained Earnings. Credit Account Debit Date Dec. 31 3. Prepare a retained earnings statement for the year ended December 31, 20Y1 Nav-Go Enterprises Inc. Retained Earnings Statement For the Year Ended December 31, 20Y1 4. Prepare the Stockholders' Equity section of the December 31, 20Y1, balance sheet Nav-Go Enterprises Inc. Balance Sheet December 31, 20Y Check My Work
