Instructions Morrow Enterprises Inc. manufactures bathroom foxdures. Morrow Enterprises' stockholders equity accounts, with balances on January 1, 2016, are as follows Common Stock, $20 stated value (500,000 shares authorized, 375,000 shares issued) $7,500,000 Paid-In Capital in Excess of Stated Value-Common Stock 825,000 33,600,000 450,000 Retained Earnings Treasury Stock (25,000 shares, at cost) The following selected transactions occurred during the year Jan 22 Apr. 10 Jun 6 Jul 5 Paid cash dividends of $0.00 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 $25 per share. Declared a 4% lock dividend on common stock, to be captazed at the market price of the stock, which is $25 per shame 15 Issued shares of stock for the Stock dividend declared on July 5 Aug Nov 23 Purchased 30,000 shares of treasury stock for $10 per share Dec 28 Declared a 50. 10-per-sham dividend on common stock 31 Closed the two dividends accounts to Retained Earnings Required: 1 Enter the January 1 balances in T accounts for the stockholders' equity accounts used 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 poot net income of $1.125,000 to the retained earnings account. Refer to the Chart of Accounts for exact wording of account tes 3. Prepare a Prepare a statement of stockholders equity for the year ended December 31, 2016 Assume that net income was $1,125,000 for the year ended December 31, 2016 For those boxes in which you must ender subtracted or negative numbers use a minus sign if there is an