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Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1 , 2 0 Y 5 ,
Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January Y are as follows:
Common Stock, $ stated value shares authorized, shares issued $
PaidIn Capital in Excess of Stated ValueCommon Stock
Retained Earnings
Treasury Stock shares, at a cost of $ per share
The following selected transactions occurred during the year:
Jan. Paid cash dividends of $ per share on the common stock. The dividend had been properly recorded when declared on December of the preceding fiscal year for $
Apr. Issued shares of common stock for $ per share.
June Sold all of the treasury stock for $
July Declared a stock dividend on common stock, to be capitalized at the market price of the stock, which is $ per share.
Aug. Issued the certificates for the dividend declared on July
Nov. Purchased shares of treasury stock for $
Dec. Declared a $pershare dividend on common stock.
Closed the two dividends accounts to Retained Earnings.PaidIn Capital in Excess of Stated ValueCommon Stock
Retained Earnings
PaidIn Capital from Sale of Treasury Stock
Stock Dividends Distributable
Stock Dividends
Cash Dividends
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