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, 383,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock $7,660,000 Retained Earnings Treasury Stock (25,700 shares, at cost) The following selected transactions occurred during the year: Jan. 22 Apr. 10 Jun. 6 Jul. 5 Aug. Nov. Dec. 15 957,500 35,012,000 462,600 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 $21,438. Issued 77,000 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. Issued shares of stock for the stock dividend declared on July 5. 23 Purchased 33,000 shares of treasury stock for $20 per share. Declared a $0.08-per-share dividend on common stock. 325 28 31 Closed the two dividends accounts to Retained Earnings