Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2015, are as follows: Common Stock, $10 stated value (350,000 shares authorized, 240,000 shares issued) $2,400,000 Paid-In Capital in Excess of Stated Value-Common Stock 450,000 Retained Earnings 5,450,000 360,000 Treasury Stock (24,000 shares, at a cost of $15 per share) The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of $0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $30,240. Apr. 10. Issued 45,000 shares of common stock for $16 per share. June 6. Sold all of the treasury stock for $432,000. July 5. Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 15,000 shares of treasury stock for $300,000. Dec. 28. Declared a $0.17-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. Required: 1. The January 1 balances have been entered in T accounts for the stockholders' equity accounts. Record the above transactions in the T accounts and provide the December 31 balance where appropriate. Common Stock Jan. 1 Bal. Apr. 10 2,400,000 450,000 Aug. 15 220,000 Dec. 31 Bal. 3,070,000