Instructions Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders equity accounts of Morrow Enterprises Inc., with balances on January 1, 2016, are as follows: Common stock, $20 stated value; 500,000 shares authorized, 367,000 issued Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (22,800 shares, at cost) 7,340,000 844,100 33,388,000 387,600 The following selected transactions occurred during the year: Paid cash dividends of S0.09 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $30,978. Issued 71,000 shares of common stock for $23 per share. Sold all of the treasury stock for $27 per share. Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is $26 per share. Jan. 22 Apr. Jun. Jul. 10 6