Q # 3. (20 Marks) Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2014, are as follows: Common Stock, Rs. 20 stated value (500,000 shares authorized, 375,000 shares 7,500,000 issues) Paid-In Capital in Excess of Stated Value- Common Stock 825,000 Retained Earnings 33,600,000 Treasury Stock (25,000 shares, at cost) 450,000 The following selected transactions occurred during the year: Page 1 of 4 . . . Jan 22. Paid cash dividends of Rs.0.08 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for Rs.28,000. Apr 10. Issued 75,000 shares of common stock for Rs.24 per share. June 6. Sold all of the treasury stock for Rs.26 per share. July 5. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is Rs.25 per share. Aug 15. Issued the certificates for the dividend declared on July 5. Nov 23. Purchased 30,000 shares of treasury stock for Rs.19 per share. Dec 28. Declared a Rs.0.10-per-share dividend on common stock. Dec 31. Closed the credit balance of the income summary account, Rs.1,125,000. Dec 31. Closed the two dividends accounts to Retained Earnings. . . . . Required: Journalize the entries to record the transactions, and post to the eight selected accounts. Prepare a retained earnings statement for the year ended December 31, 2014. Prepare the Stockholders' Equity section of the December 31, 2014, balance sheet