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Chapter 12 Homework eBook E Print Item Entries for Selected Corporate Transactions ? Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders' equity accounts, with balances on January 1, 20Y1, are as follows: Common Stock, $10 stated value (650,000 shares authorized, 420,000 shares issued) $4,200,000 Paid-In Capital in Excess of Stated Value-Common Stock 800,000 Retained Earnings 9,530,000 Treasury Stock (42,000 shares, at cost) 630,000 The following selected transactions occurred during the year: Jan. 15. 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 $56,700. Mar. 15. Sold all of the treasury stock for $18 per share. Apr. 13. Issued 80,000 shares of common stock for $1,440,000. June 14. Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share. July 16. Issued shares of stock for the stock dividend declared on June 14. Oct. 30. Purchased 26,000 shares of treasury stock for $20 per share. Dec. 30. Declared a $0.18-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. Required: 1. The January 1 balances have been entered in T accounts for the stockholders' equity accounts. Record the above transactions in the T accounts and provide the December 31 balance where appropriate. If required, round to one decimal place. Common Stock 4,200,000 Jan. 1 Bal. Apr. 13 800,000 July 16 Dec. 31 Bal. Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. 800,000 Check My Work Previous Chapter 12 Homework eBook Print Item Paid-In Capital in Excess of Stated Value-Common Stock 800,000 Jan. 1 Bal. Apr. 13 June 14 Dec. 31 Bal. Retained Earnings Dec. 31 Jan. 1 Bal. 9,530,000 Dec. 31 Dec. 31 Bal. Treasury Stock Jan. 1 Bal. 630,000 Mar. 15 Oct. 30 Dec. 31 Bal. Paid-In Capital from Sale of Treasury Stock Mar. 15 Stock Dividends Distributable July 16 June 14 Stock Dividends June 14 Dec. 31 Check My Work Previous Chapter 12 Homework Print Item eBook Dec. 31 June 147 ? Cash Dividends Dec. 30 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. 15. 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 $56,700. Date Account Debit Credit Jan. 15 Mar. 15. Sold all of the treasury stock for $18 per share. Date Account Debit Credit Mar. 15 MI Apr. 13. Issued 80,000 shares of common stock for $1,440,000 Date Account Debit Credit Apr. 13 June 14. Declared a 5% on common stock, to be capitalized at the market price of the stock, which is $20 per share. Date Account Debit Credit June 14 Check My Work Previous Chapter 12 Homework eBook Print Item ? Date Account Debit Credit June 14 July 16. Issued stock for stock dividend declared on June 14. Date Account Debit Credit July 16 Oct. 30. Purchased 26,000 shares of treasury stock for $20 per share. Date Account Debit Credit Oct. 30 Dec. 30. Declared a $0.18-per-share dividend on common stock. Date Account Debit Credit Dec. 30 Dec. 31. Closed the two dividends accounts to Retained Earnings. Date Account Debit Credit Dec. 31 Check My Work Previous Chapter 12 Homework eBook Print Item Date Account Debit Credit Dec. 31 III 3. Prepare a statement of stockholders' equity for the year ended December 31, 20Y1. Assume that net income was $9,911,000 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 "O". Nav-Go Enterprises Inc. Statement of Stockholders' Equity For the Year Ended December 31, 20Y1 Paid-In Capital in Excess of Stated Value Paid-In Capital from Sale of Treasury Stock Retained Earnings Treasury Stock Common Stock Total 4. Prepare the "Stockholders' Equity" section of the December 31, 2041, balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Nav-Go Enterprises Inc. Balance Sheet December 31, 20Y1 Check My Work