Answered step by step
Verified Expert Solution
Question
1 Approved Answer
lost in the retained earnings part. can you fill in the blank please. Entries for Selected Corporate Transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment.
lost in the retained earnings part. can you fill in the blank please.
Entries for Selected Corporate Transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises stockholders equity accounts, with balances on January 1, 2011, are as follow Common Stock, $10 stated value (500,000 shares authorized, 340,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock $3,400,000 650,000 Retained Earnings 7,720,000 Treasury Stock (34,000 shares, at cost) 510,000 The following selected transactions occurred during the year Jan. 15. Paid cash dividends of $0.13 per share on the common stock. The dividend had been properly recorded when dedared on December 1 of the preceding fiscal year for $39,780. Mar. 15. Sold all of the treasury stock for $18 per share. Apr. 13. Issued 65,000 shares of common stock for $1,040,000. June 14. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. July 16. Issued shares of stock for the stock dividend declared on June 14. Oct. 30. Purchased 21,000 shares of treasury stock for $20 per share. Dec. 30. Declared a $0.16-per-share dividend on common stock. 31. 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 ball where appropriate. If required, round to one decimal place. Previd Nav-Go Enterprises Inc Statement of Stockholders' Equity For the Year Ended December , 2011 Paid in Capital in Excess Paid in Capital From Sale of Retained Treasury Stock 0 $2,700,000 Stated Value Common Stock $ 3,400,000 Balances, January 1 Treasury Stock 510,000 Total 650,000 Issued Common Stock 650,000 390,000 1,040,000 Net Income Cash Dividends 61,032 -61,032 Stock Dividends 162,000 991,600 Sale of Treasury Stock 102,000 510,000 120,000 $120,000 612,000 420,000 Purchase of Treasury Stock Balances, December 31 $1,212,000 $1,169,600 $ 102,000 4. Prepare the "Stockholders' Equity" section of the December 31, 2011, balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started