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please answer 1-4 if possible Chapter 12: Due Sunday eBook Print item Entries for Selected Corporate Transactions Morrow Enterprises Inc, manufactures bathroom fixtures. Morrow Enterprises'
please answer 1-4 if possible
Chapter 12: Due Sunday eBook Print item Entries for Selected Corporate Transactions Morrow Enterprises Inc, manufactures bathroom fixtures. Morrow Enterprises' stockholders' equity accounts, with balances on January 1, 2016, are as follows: Common Stock, $10 stated value (500,000 shares authorized, 340,000 shares Issued) $3,400,000 Pald-In Capital in Excess of Stated Value-Common Stock 650,000 Retained Earnings 7,720,000 Treasury Stock (34,000 shares, at cost) 476,000 The following selected transactions occurred during the year Jan. 22. Paid cash dividends of $0.12 per share on the common stock. The dividend had been properly recorded when dedared on December 1 of the preceding fiscal year for $36,720. Apr. 10. Issued 65,000 shares of common stock for $1,170,000. June 6. Sold all of the treasury stock for $17 per share. July 5. Dedared a 5% Stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share. Aug. 15. Issued shares of stock for the stock dividend declared on July 5. Nov. 23. Purchased 21,000 shares of treasury stock for $19 per share. Dec. 28. Declared a $0.15-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $8,029,000. 31. Closed the two dividends accounts to Retained Earnings, Required: 1. The January 1 balances have been entered in accounts for the stockholders' equity accounts. Record the above transactions in the accounts and provide the Common Stock 3,400,000 Jan. 1 Bal. Apr. 10 Aug. 15 Dec. 31 Bal. Paid In Capital in Excess of Stated Value-Common Stock Chapter 12: Due Sunday Required: Con Stock 1.400.000 Apr. 10 A 15 Jonc anal Paid In Capital in Excess of State Valve Common Stock a. 50.000 A10 Dec Retained Tarings le 11 an 9.220.000 DL el Treasury Stock NOS 2 Dec 31 Paid-In Capital from Sale of Treasury Stock June 6 Stock Dividends Distributable Aug. 15 July 5 Stock Dividends July 5 Dec. 31 Cash Dividends Dec 28 Dec. 31 2. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Jan. 22. Paid cash dividends of $0.12 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $36,720. Date Account Debit Credit Jan 22 Cash Dividends Payable Cash Apr. 10. Issued 65,000 shares of common stock for $1.170.000, Account Debit Credit Ang 10 Cash Common Stick Paldin Capital in Excess of stated Value-Common Stock Chapter 12: Due Sunday eBook Print Item June 6. Sold all of the treasury stock for $17 per share. Date Account Debit Credit June 6 Cash Treasury Stock Paid-In Capital from Sale of Treasury Stock July 5. Dedared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share. Date Account Debit Credit July 5 Stock Dividends Stock Dividends Distributable Paid-In Capital in Excess of Stated Value-Common Stock Aug. 15. Issued shares of stock for the dividend declared on July 5. Date Account Debit Credit Aug. 15 Stock Dividends Distributable Common Stock Nov. 23. Purchased 21,000 shares of treasury stock for $19 per share. Date Account Debit Credit Nov. 23 Treasury Stock Cash Dec. 28. Declared a $0.15-per-share dividend on common stock. Chapter 12: Due Sunday eBook Print Item Date Account Debit Credit Dec. 28 Cash Dividends Cash Dividends Payable Dec. 31. Closed the credit balance of the income summary account, $8,029,000. Date Account Debit Credit Dec. 31 Income Summary Retained Earnings Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Account Debit Credit Dec. 31 Retained Earnings Stock Dividends Cash Dividends Prepare a retained earnings statement for the year ended December 31, 2016. Morrow Enterprises Inc. Retained Earnings Statement For the Year Ended December 31, 20Y6 Retained Earnings, January 1, 2016 Net Income Cash Dividends Stock Dividends Change in retained earnings Retained Earnings, December 31, 2016 4. Prepare the Stockholders' Equity section of the December 31, 2016, balance sheet, Morrow Enterprises Inc. Balance Sheet December 31, 2016 Stockholders' Equity Paid-In-Capital: Common Stock, $10 stated value (500,000 shares authorized, 425,250 shares issued) Excess of issue price over stated value From Sale of Treasury Stock Total Pald-In Capital Retained Earnings 5 Total Treasury Stock (21,000 shares, at cost) Total Stockholders' Equity Step by Step Solution
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