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 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 If required, round to one decimal place Common Stock Jan 1 Bal 2,000,000 Apr 13 June 14 July 16 Dec 27 Apr 13 Jan 22 June 14 July 16 Dec 30 July 16 Dec 31 Bal Paid In Capital in Excess of Stated Value Common Stock Jan 1 Bal 400,000 Apr 13June 14July 16Dec 30Apr 13 June 14July 16July 16Dec 30June 14 Dec 31 Bal Retained Earnings Apr 13June 14July 16Dec 31Dec 31 Jan 1 Bal 4,540,000 Jan 22June 14Oct 30Dec 31Dec 31 Dec 31 Bal Treasury Stock Jan 1 Bal 280,000 Apr 13Mar 15July 16Dec 31 fill in the blank 17 Jan 22June 14Oct 30Dec 31 Dec 31 Bal Paid In Capital from Sale of Treasury Stock Mar 15June 14Oct 30Dec 30 Stock Dividends Distributable Jan 22July 16Oct 30Dec 31 Jan 22June 14Oct 30Dec 31 Stock Dividends Jan 22June 14Oct 30Dec 31 fill in the blank 28 Jan 22July 16Oct 30Dec 31 fill in the blank 30 Cash Dividends Jan 22July 16Oct 30Dec 30 fill in the blank 32 Jan 22July 16Oct 30Dec 31 fill in the blank 34

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Posted on Sep 04, 2024

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.

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. If required, round to one decimal place.