PR 13-4B Entries for selected corporate transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. The stockholders' equity OBJ. 3, 4, 5, 7 quity, accounts of Nav-Go Enterprises Inc., with balances on January 1, 20Y3, are as follows Common Stock, S5 stated value (900,000 shares authorized, $3,100,000 1,240,000 4,875,000 288,000 Paid-In Capital in Excess of Stated Value Common Stock.! Retained Earnings Treasury Stock (48,000 shares, at a cost of $6 per share) The following selected transactions oxcurred 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 June 14 Declared a 3% stock dividend on common stock, to be capitalized at the shares of common stock for $8 per share. market price of the stock, which is $7.50 per share. July 16. Issued the certificates for the dividend declared on June 14. Oct. 30. Purchased 50,000 shares of treasury stock for $6 per share. Dec. 30. Declared a $0.08-per-share dividend on common stock 31. Closed the two dividends accounts to Retained Earnings. Instructions 1. Enter the January 1 balances in T accounts for the stockholders' equity accounts listed Also prepare T accounts for the following: Paid-In Capital from Sale of Treasury Stock Stock Dividends Distributable: Stock Dividends;, Cash Dividends. 2. Journalize the entries to record the transactions and post to the eight selected ac- counts 3. Prepare a retained earnings statement for the year ended December 31, 20Y3. 4. Prepare the Stockholders' Equity section of the December 31, 20Y3, balance sheet using Method 1 of Exhibit 8