Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Navo-Go Enterprises stockholders equity accounts, with balances on January 1, 20Y1, are as follows:

Common Stock, $5 stated value (900,000 shares authorized, 620,000 shares issued)	$3,100,000
Paid-In Capital in Excess of Stated ValueCommon Stock	1,240,000
Retained Earnings	4,875,000
Treasury Stock (48,000 shares, at cost)	288,000

The following selected transactions occurred during the year:

Jan.	15.	Paid cash dividends of $0.06 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $34,320.
Mar.	15.	Sold all of the treasury stock for $6.75 per share.
Apr.	13.	Issued 200,000 shares of common stock for $8 per share.
June	14.	Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is $7.50 per share.
July	16.	Issued stock for stock dividend declared on June 14.
Oct.	30.	Purchased 50,000 shares of treasury stock for $6 per share.
Dec.	30.	Declared an $0.08-per-share dividend on common stock.
	31.	Closed the two dividends accounts to Retained Earnings.

Prepare a statement of stockholders equity for the year ended December 31, 20Y1. Assume that net income was $775,000 for the year ended December 31, 20Y6.

3.

Nav-Go Enterprises Inc.

Statement of Stockholders' Equity

For the Period Ended December 31, 20Y1

Common Stock

Paid-In Capital in Excess of Stated Value

Paid-In Capital from Sale of Treasury Stock

Retained Earnings

Treasury Stock

Total

Balances, January 1

$ 4,875,000

Issued common stock

Net income

775,000

Cash dividends

(63,568)

Stock dividend

(184,500)

Sale of treasury stock

Purchase of treasury stock

Balances, December 31

$ 5,401,932