Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises' stockholders' equity accounts, with balances on January 1, 20Y6, are as follows: Common stock, $20 stated value (500,000 shares authorized, 353,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock $7,060,000 Retained Earnings 811,900 33,598,000 484,500 Treasury Stock (25,500 shares, at cost) The following selected transactions occurred during the year: Jan. 22 Paid cash dividends of $0.10 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $32,750. Issued 72,000 shares of common stock for $24 per share. Apr. 10 Jun. 6 Sold all of the treasury stock for $25 per share. Jul. 5 23 28 31 Declared a 4% Stock dividend on common stock, to be capitalized at the market price of the stock, which is $26 per share. Issued the certificates for the dividend declared on July 5. Purchased 25,000 shares of treasury stock for $19 per share. Declared a $0.09-per-share dividend on common stock. Closed the two dividends accounts to Retained Earnings. Aug. 15 Nov. Dec. 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts listed Post the journal entries from part 2 to the eight selected accounts. If required, round your answers to the neares dollar Common Stock Paid-in Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock Paid-In Capital from Sale of Treasury Stock Stock dividends Distributable Stock dividends Cash Dividends 2. Journalize the entries to recont the transactions, and post to the eight selected accounts. Assume that the closing entry for revenues and expenses has been made and post net income of $1,140,500 to the retained eamings account. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar Question not attempted. DATT PAGE JOURNAL Score: 0/249 ACCOUNTING EQUATION DESCRIPTION POST REF DONT CREDIT ASSETS LIABILITIES EQUITY Statement of Stockholders' Equity Shaded cells have feedback." 3. Prepare a statement of stockholders' equity for the year ended December 31, 2016. Assume that net income was $1,149,500 for the year ended December 31, 2016. For those boxes in which you must enter subtracted or negative numbers use a minus sign. If there is an amount is zero, enter "0". Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries Question not attempted. Morrow Enterprises Inc Statement of Stockholders' Equity Score: 0/174 For the Year Ended December 31, 2016 Paid-In Capital in Paid-In Capital Common Stock Excess of Stated Value from Sale of Treasury Stock Retained Earnings Treasury Stock Total 4. Prepare the "Stockholders' Equity" section of the December 31, 2016 balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus sign Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries. Question not attempted. Stockholders' Equity Paid-in capital: Morrow Enterprises Inc. Balance Sheet December 31, 2016 Score: 0/79