Question
Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders equity accounts, with balances on January 1, 20Y1, are as follows: Common Stock, $10 stated
Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders equity accounts, with balances on January 1, 20Y1, are as follows:
Common Stock, $10 stated value (300,000 shares authorized, 200,000 shares issued) | $2,000,000 |
Paid-In Capital in Excess of Stated Value-Common Stock | 400,000 |
Retained Earnings | 4,540,000 |
Treasury Stock (20,000 shares, at cost) | 280,000 |
The following selected transactions occurred during the year:
Jan. 15. | 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 $25,200. |
Mar. 15. | Sold all of the treasury stock for $17 per share. |
Apr. 13. | Issued 40,000 shares of common stock for $640,000. |
June 14. | Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. |
July 16. | Issued shares of stock for the stock dividend declared on June 14. |
Oct. 30. | Purchased 13,000 shares of treasury stock for $19 per share. |
Dec. 30. | Declared a $0.17-per-share dividend on common stock. |
31. | Closed the two dividends accounts to Retained Earnings. |
Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.
Jan. 15. 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 $25,200.
Mar. 15. Sold all of the treasury stock for $17 per share.
Apr. 13. Issued 40,000 shares of common stock for $640,000
June 14. Declared a 5% on common stock, to be capitalized at the market price of the stock, which is $18 per share.
July 16. Issued stock for stock dividend declared on June 14.
Oct. 30. Purchased 13,000 shares of treasury stock for $19 per share.
Dec. 30. Declared a $0.17-per-share dividend on common stock.
Dec. 31. Closed the two dividends accounts to Retained Earnings.
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