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Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders equity accounts of Morrow Enterprises Inc., with balances on January 1 , 20Y5, are as follows: The
Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders equity accounts of Morrow Enterprises Inc., with balances on January 1 , 20Y5, are as follows: The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of $0.12 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $62,640. Apr. 10. Issued 110,000 shares of common stock for $18 per share. June 6. Sold all of the treasury stock for $986,000. July 5. Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share. Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 36,000 shares of treasury stock for $684,000. Dec. 28. Declared a $0.15-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings
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