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Entries for selected corporate transactions

Nav$-$Go Enterprises Inc. produces aeronautical navigation equipment. Nav$-$Go Enterprises' stockholders$$ equity accounts, with balances on January $1,20$Y$1,$ are as follows:

Line Item Description Amount

Common Stock, $$10$ stated value $(300,000$ shares authorized, $200,000$ shares issued$)$ $$2,000,000$

Paid$-$In Capital in Excess of Stated Value$-$Common Stock $400,000$

Retained Earnings $4,540,000$

Treasury Stock $(20,000$ shares, at cost$)280,000$

The following selected transactions occurred during the year:

Date Transaction

Jan. $15.$ Paid cash dividends of $$0\mathrm{.}12$ per share on the common stock. The dividend had been properly recorded when declared on December $1$ of the preceding fiscal year for $$21,600.$

Mar. $15.$ Sold all of the treasury stock for $$17$ per share.

Apr. $13.$ Issued $40,000$ shares of common stock for $$16$ per share.

June $14.$ Declared a $5\%$ stock dividend on common stock, to be capitalized at the market price of the stock, which is $$18$ per share.

July $16.$ Issued stock for the stock dividend declared on June $14.$

Oct. $30.$ Purchased $13,000$ shares of treasury stock for $$19$ per share.

Dec. $30.$ Declared a $$0\mathrm{.}15-$per$-$share dividend on common stock.

$31.$ Closed the two dividends accounts to Retained Earnings.