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Please help with the entire problem. Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises' stockholders equity accounts, with balances on January 1, 20Y6, are as
Please help with the entire problem.
Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises' stockholders equity accounts, with balances on January 1, 20Y6, are as follows: Common Stock, $10 stated value (850,000 shares authorized, 560,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (56,000 shares, at cost) $5,600,000 12,710,000 840,000 Jan. 22. Paid cash dividends of so.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 common stock for $1,890,000. June 6. Sold all of the treasury stock for $18 per share. July 5. Declared a 5% Stock dividend on common stock, to be capitalized at the market price ofthe stock, which is $20 per share. Aug. 15. Issued shares of stock for the stock dividend declared on July 5 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 EarningsStep by Step Solution
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