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Morrow Enterprises Inc, manufactures bathroom foxtures. Morrow Enterprises' stockholders' equity accounts, with balances on January 1, 2016, are as follows: $ 7,500,000 Common Stock, $20 stated value (500,000 shares authorized, 375,000 shares issued) Pald-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (25,000 shares, at cost) 825.000 33,600,000 450.000 The following selected transactions occurred during the year: Jan. 22 Apr. 10 Jun. 6 Jul. 5 Pald cash dividends of $0.08 per share on the common stock. The dividend had been property recorded when declared on December 1 of the preceding fiscal year for $28,000 Issued 75,000 shares of common stock for $24 per share. Sold all of the treasury stock for $26 per share. Declared a 4% Stock dividend on common stock, to be capitalized at the market price of the stock, which is $25 per share. Issued shares of stock for the Stock dividend declared on July 5, Purchased 30,000 shares of treasury stock for $19 per share. Declared a $0.10-per-share dividend on common stock. Closed the two dividends accounts to retained Earnings. Aug 15 Nov. 23 Dec. 28 31 ck My Work 2 more Check My Work uses remaining. nt Score: 79.83% Instructions Apr 10 Jun 6 Jul. 5 Issued 75,000 shares of common stock for $24 per share Sold all of the treasury stock for $26 per share Declared a 4% Stock dividend on common stock, to be capitalized at the market price of the stock, which is $25 per share. Issued shares of stock for the Stock dividend declared on July 5. Purchased 30,000 shares of treasury stock for $19 per share. Declared a $0.10-per-share dividend on common stock. Closed the two dividends accounts to Retained Earnings. Aug 15 Nov 23 Dec. 28 31 Required: 1. Enter the January 1 balances in Taccounts for the stockholders' equity accounts listed. 2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of $1,125,000 to the retained earnings account. Refer to the Chart of Accounts for exact wording of account titles. 3. Prepare a Prepare a statement of stockholders' equity for the year ended December 31, 20Y6, Assume that net incore was $1,125,000 for the year ended December 31, 20Y6. For those boxes in which you must enter subtracted or negative numbers use a minus sign. I there is an amount is zero, enter"0" 4. Prepare the "Stockholders' Equity section of the December 31, 20Y6, balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus sign. *Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries. ack My Work 2 ore Check My Work uses remaining, Shaded 1. Enter the January 1 balances in accounts for the stockholders' equity accounts listed. Post the journal entries from part 2 to the right selected accounts Common Stock Jan. 1 Bal. 7,500,000 Apr. 10 9,000,000 X Aug 15 9,360,000 X Dec. 31 Bal. 9,360,000 Pald-In Capital in Excess of Stated Value-Common Stock > Jan. 1 Bal. 825,000 Apr. 10 1,125,000 X Jul 5 1,215,000 X Dec. 31 Bal. 1,215,000 Retained Earnings Dec. 31 493,800 Jan. 1 Bal. 33,600,000 Dec. 31 1,125,000 Dec. 31 Bal. 34,231,200 Treasury Stock Jan. 1 Bal. 450,000 Jun 6 450,000 Check My Work 2 more Check My Work uses remaining Chapter 12 Book Homework M. eBook Print Item Dec 31 Bal 34.231,200 Treasury Stock Jan. 1 Bal 450,000 Jun. 450,000 Nov. 23 570,000 Dec. 31 Bal, 570,000 Paid-In Capital from Sale of Treasury Stock Jun. 6 200,000 Stock dividends Distributable > Aug. 15 360,000 Jul. 5 360,000 Stock dividends Jul. 5 450,000 Dec. 31 450,000 Cash Dividends Dec. 28 43,800 Dec. 31 43,800 Feedback Check My Work 1. Remember that the numbers from the T accounts will used to prepare the statement of stockholders' equity and the balance sheet. As you post Important to work carefully. Check your work to insure that you have posted the correct numbers to the appropriate side of the account. Also, ma ESS in CPE Chapter 12 Book Homework Book in D Instructions TAccounts Statement of Stockholders' Equity 3 Prepare a set of stockholders for the year ended December 31, 2016. The income was $1,728.000 or the year ended December 31, 2016. For those which you were breder negative me a mis hewan amount is lehes of Amount Desorptions provided for the act ording of the wees for enterte Score 20174 Morrow Enterprise Sement of Stockholder For the Year Ended December 31, 2045 Puid-Capital in Common Stock Exams of Stated Value $2.500.000.00 $825.000.00 Paldin Capital from Sale of Treasury Stock Retained Treasury St lanjury L2076 net income #dividends on common stock suance of additional common stock purchase of treasury stock Balance December 31.2015 My Work 2 more Check My Works remaining Previous Next Score: 79.00% Save and it Submit Assignment for Book Print them Instructions Stockholders' Equity Prepare the stockholders'Equity section of the December 31, 2016. balance sheet. For those boxes in which you must enter tracted or negative numbers use a mius in Peleto mesto Amour Descnptions provided for the exact wording of the choices for testes Shaded calls have feed Question not attempted Score: 0/79 Morow Enterprises the Balance Sheet December 31, 2016 Sides quity Paldis capital Check My Work 2 CheckMy Wong Asiento Previous Save and Eat Submit Assig