Navco Enterprises Inc. produces arrow nautical navigation equipment the stockholders equity accounts of Navco Enterprises Inc. with balances on January 1, 2014 are as follows Common stock five dollar stated value 900,000 shares authorized 620,000 shares issued $3,100,000 Paid in capital in excess of stated value common stock $1,240,000 Retained earnings 4,875,000 Treasury stock 48,000 shares that cost $288,000 The following selected transactions occurred during the year January 15 paid cash dividends of 0.06 per-share on the common stock the dividend had been properly recorded went to cleared on December 1 of the preceding fiscal year for $34,320 March 15 sold all of the treasury stock for $6.75 per-share April 13 issue 200,000 shares of common stock for eight dollars per share June 14 the clay to 3% stock dividend on common stock to be capitalized at the market price of the stock which is $7.50 per-share July 16 issue the certificates for the dividend cleared on June 14 October 30 purchase 50,000 shares of treasury stock for six dollars per share December 30 declared a 0.08 per-share dividend on common stock December 31 close the credit balance of the income summary account $775,000 December 31 close the two dividends accounts to retain earnings Instructions number one 1.enter the January 1 balances and T accounts for the stockholders equity accounts listed also prepare T accounts for the following paid in capital from sale of treasury stock stock dividends distributable stocked dividends cash dividends 2. Journalize the entry to record the transactions and post to the eight selected accounts 3. Prepare a retainer earnings statement for the year ended December 31, 2014 4. Prepare the stockholders equity section of the December 31, 2014 balance sheet