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, 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. Jun. Jul. 10 6 Paid cash dividends of $0.08 per share on the common stock. The dividend had been properly 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 $26 per share. 5 Declared a 4% Stock dividend on common stock, to be capitalized at the market price of the stock, which is $25 per share. Aug. 15 Issued shares of stock for the Stock dividend declared on July 5.