l 3.00De prered stock and s0.03 per share on F. Declared c G. Paid the cash dividends. Instructions Journalize the entries to record the transactions. Identify each estry by letter. MR 124B Entries for selected corporate transactions total squity, stockholders' equity accounts, with balances on January 1, 20Y1, are as follows Nav-Go Enterprises Inc. produces aeronautical navigation equioment. N Obj. 2, 3, 4, 6 avo-Go Enterprises' ders'equity 1262432 Common Stock, $5 stated value (900,000 shares authorized, 620,000 shares issued)... $3,100,000 1,240,000 4,875,000 288,000 Paid-In Capital in Excess of Stated Value-Common Stock.. Retained Earnings Treasury Stock (48,000 shares, at cost) ENEAL LEDSER The following selected transactions occurred during the year 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 $6.75 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, tobe capitalized at the market price ofthe stock which is $7.50 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. Declared an $0.08-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $775,000 31. Closed the two dividends accounts to Retained Earnings (Continued)