Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2015, are as folows Common stock, $20 stated value (500,000 shares authorized, 360,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (23,300 shares, at a cost of $18 per share) The following selected transactions occurred during the year: Jan $7,380,000 848,700 33,497,000 419,400 22 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 $27,656. Apr. 10 Jun 6 Jul 5 RE Issued 72.000 shares of common stock for $24 per share Sold all of the treasury stock for $26 per share. Declared a 2% stock dividend on common stock, to be capitalized at the market price of the stock which is $20 per share. Issued the certificates for the dividend declared on July 5 Purchased 30,000 shares of treasury stock for $20 per share Aug 15 Nov 23 Dec 20 Declared a 50.12-per-share dividend on common stock 31 Closed the two dividends accounts to Retained Earnings Common Stock Jan. 1 Bal. Apr. 10 Jul. 5 X Dec. 31 Bal. Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. X Retained Earnings Jun. 6 X Jan. 1 Bal. X Jun. 6 x Aug. 15 x Dec. 31 Bal. Treasury Stock Paid-In Capital from Sale of Treasury Stock Jan. 1 Bal. X Jul. 5 Stock Dividends Distributable Dec. 31 Bal. X Stock Dividends Dec. 31 Jan. 1 Bal. x Jul. 5 Dec. 28 Stock Dividends Distributable Dec. 31 Bal. X Stock Dividends Dec. 31 Cash Dividends Dec. 31