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please fill this out accordingly Entries for Selected Corporate Transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders' equity accounts, with balances on
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Entries for Selected Corporate Transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders' equity accounts, with balances on January 1, 2011, are as follows: Common Stock, $5 stated value (900,000 shares authorized, 620,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (48,000 shares, at cost) $3,100,000 1,240,000 4,875,000 288,000 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 shar Dec. 30. Declared an $0.05-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings 3. 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, 2011. For those boxes in which you must enter subtracted or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank or enter "0". Balances, January 1 Balances, December 31 Cash Dividends Issued Common Stock Stock Dividends Sale of Treasury Stock Net Income Net Loss Purchase of Treasury Stock Common Stock $3,100,000 1,000,000 123,000 4,223,000 Nav-Go Enterprises Inc. Statement of Stockholders' Equity For the Year Ended December 31, 20Y1 Paid-In Capital in Excess of Stated Value $ 1,240,000 Paid-In Capital from Sale of Treasury Stock 36,000 Retained Earnings $4,875,000 5,401,932 Treasury Stock 288,000 300,000 Total 8,927,000 324,000 1,600,00 61,500 123,000 11,262,432 ion of the December 31, 20Y1, balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus Previous 3. Prepare a statement of stockholders' equity for the year ended December 31, 2011. Assume that net income was $775,000 for the year ended December 31, 20Y1. For those boxes in which you must enter subtracted or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank or enter"0" Common Stock Nav-Go Enterprises Inc. Statement of Stockholders' Equity For the Year Ended December 31, 201 Paid-In Capital in Excess of Stated Value Paid-In Capital from Sale of Treasury Stock Retained Earnings Treasury Stock Total Step by Step Solution
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