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Entries for Selected Corporate Transactions Morrow Enterprises Inc, manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2045, are as follows: $5,600,000 Common Stock, $10 stated value (850,000 shares authorized, 560,000 shares Issued) Paid-In Capital in Excess of Stated Value-Common Stock 1,050,000 12,710,000 Retained Earnings Treasury Stock (56,000 shares, at cost) 840,000 The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of $0.15 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $75,600. Apr. 10. Issued 105,000 shares of copynon stock for $1,890,000. June 6. Sold all of the treasury stock for $1,008,000. July 5. Declared 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 the certificates for the dividend declared on July 5. Nov. 23. Purchased 35,000 shares of treasury stock for $700,000 Dec. 28. Declared a $0.18-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $13,218,000. 31. Closed the two dividends accounts to Retained Earnings. eBook Ch. 13 HW qurce 1. The January 1 balances have been entered in Taccounts for the stockholders' equity accounts. Record the above transactions in the Taccounts and provide the December 31 balance where appropriate. Common Stock Jan. 1 Bal. Apr. 10 5,600,000 1,050,000 Aug. 15 Dec. 31 Bal. Paid-In Capital in Excess of Stated Value-Common Stock 1,050,000 Dan. 1 Bal. Apr. 10 July 5 Dec. 31 Bal. Retained Earnings Dec. 31 9 Jan. 1 Bal. 12,710,000 Dec. 31 IDec. 31 Bal Check My Work Previous Treasury Stock Jan. 1 Bal. 840,000 June 6 Nov. 23 Dec. 31 Bal. Paid-In Capital from Sale of Treasury Stock June 6 Stock Dividends Distributable Aug. 15 July 5 Stock Dividends July 5 Dec. 31 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 $0.15 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $75,600 Debit Credit Date Account 75,600 Jan. 22 Cash Dividends 75,600 Cash July 5. Declared 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 665,000 Stock Dividends Distributable 665,000 Paid-In Capital in Excess of Stated Value-Common Stock Aug. 15. Issued the certificates for the dividend declared on July 5. Date Account Debit Credit Aug. 15 Stock Dividends Distributable Common Stock Nov. 23. Purchased 35,000 shares of treasury stock for $700,000. Date Account Debit Credit Nov. 23 Treasury Stock 700,000 Cash 700,000 Dec. 28. Declared a $0.18-per-share dividend on common stock. Date Account Debit Credit Dec. 28 Cash Dividends 94,500 Cash Dividends Payable 94,500 Dec. 31. Closed the credit balance of the income summary account, $13,218,000. Date Account Debit Credit Dec. 31 Income Summary 13,218,000 Retained Earnings 13,218,000 Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Account Debit Credit Dec. 31 Retained Earnings 759,500 Stock Dividends 759,500 Cash Dividends 3. Prepare a retained earnings statement for the year ended December 31, 2015. Assume that Morrow Enterprises Inc, had net income for the year ended December 31, 2015, of $13,218,000 Morrow Enterprises Inc. Retained Earnings Statement For the Year Ended December 31, 2015 Dividends: 4. Prepare the Stockholders' Equity section of the December 31, 2015, balance sheet. Morrow Enterprises Inc. Stockholders' Equity As of December 31, 2015 Paid-In-Capital: Total Paid-In Capital $ Total S Total Stockholders' Equity