HW: Chapter 13 Entries for Selected Corporate Transactions Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 20Y5, are as follows: Common Stock, $10 stated value (500,000 shares authorized, 320,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (32,000 shares, at a cost of $14 per share) The following selected transactions occurred during the year: Jan. 22. Submit Assignment for Grading U G.

Entries for Selected Corporate Transactions Morrow Enterprises Inc. manufactures bathroom fixtures, The stocicholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 20Y5, are as follows: The following selected transactions occurred during the year: Jim. 22. Paid cash dividends of $0.12 per share on the common stock. The dividend had b. properly recorded when declared on December 1 of the preceding fiscal year for $34,$60. Ap. 10. Issued 60,000 shares of common stock for $16 per share. Mnes. Sold all of the treasury stock for $544,000. Declared a 4% stock dividend on common stock, to be capitalized at the market Nors. price of the stock, which is $18 per share. 4.9. is. Issued the certificates for the dividend declared on July 5. Nu. 21. Purchased 20,000 shares of treasury stock for $380,000. Dac. a. Declared a 50.15 -per-share dividend on common stock. it. 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. Paid-In Capital in Excess of Stated Value- 2. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 22. Paid cash dividends of $0.12 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $34,560. Apr. 10. Issued 60,000 shares of common stock for $16. June 6. Sold all of the treasury stock for $544,000. June 6. Sold all of the treasury stock for $544,000. July 5. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 20,000 shares of treasury stock for $380,000. Dec. 28. Declared a \$0,15-per-share dividend on common stock. Dec. 31. Closed the two dividends accounts to Retained Eamings. 3. Prepare a retained earnings statement for the year ended December 31,20YS. Assume that Morrow Enterprises Inc. had net income for the year ended December 31, 20Y5, of $7,550,000. Dec. 28. Declared a $0.15-per-share dividend on common stock. Dec. 31. Closed the two dividends accounts to Retained Earnings. 3. Prepare a retained earnings statement for the year ended December 31, 20 r5. Assume that Morrow Enterprises Inc. had net income for the year ended December 31, 20r5, of $7,550,000. 4. Prepare the Stockholders' Equity section of the December 31, 20r5, balance sheet