PR 12-4A Entries for selected corporate transactions Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises' stockholders' equity accounts, with balances on January 1, 20Y6, are as follows: Common Stock, $20 stated value (500,000 shares authorized, 375,000 shares issued) $7,500,000 Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (25,000 shares, at cost) The following selected transactions occurred during the year: $825,000 $ 33,600,000 $450,000 Jan. Paid cash dividends of $0.08 per share on the common stock. The dividend had been properly 22 recorded when declared on December 1 of the preceding fiscal year for $28,000. Apr. Issued 75,000 shares of common stock for $24 per share. 10 June 6 July 5 Aug. 15 Sold all of the treasury stock for $26 per share. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $25 per share. Nov. 23 Dec. 28 Issued shares of stock for the stock dividend declared on July 5. Purchased 30,000 shares of treasury stock for $19 per share. Declared a $0.10-per-share dividend on common stock. Dec. 31 Closed the credit balance of the income summary account, $1,125,000.