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The following selected transactions occurred during the year: wan. 15. Paid cash dividends of $0.06 per share on the common stock. The dividend had been

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The following selected transactions occurred during the year: wan. 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 shares of common stock for $8 per share. June 14. Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is $7.50 per share. July 16. Issued stock for stock dividend declared on June 14. Oct. 30. Purchased 50,000 shares of treasury stock for $6 per share. Dec. 30. Declared an 50.08-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 Divi- dends Distributable; Stock Dividends; Cash Dividends. 2. Journalize the entries to record the transactions, and post to the eight selected accounts. As- sume that the closing entry for revenues and expenses has been made and post net income of $775,000 to the retained earnings account. 3. Prepare a statement of stockholders' equity for the year ended December 31, 2011. Assume that net income was $775,000 for the year ended December 31, 20Y1. 4. Prepare the "Stockholders' Equity" section of the December 31, 2011, balance sheet. Treasury Stock Common Stock Jan. 1 Bal. Jan. 1 Bal. Dec. 31 Bal. Dec. 31 Bal. Paid-In Capital from Sale of Treasury Stock Paid-In Capital in Excess of Stated Value Jan. 1 Bal Dec. 31 Bal. Stock Dividends Distributable Dec. 31 Bal Dec. 31 Bal Stock Dividends Retained Earnings Jan. 1 Bal Dec. 31 Bal. Dec 31 Bal Cash Dividends Dec 31 Bal 20Y1 Jan. 15 Mar. 15 Apr. 13 June 14 July 16 Oct. 30 Dec. 30 Nav-Go Enterprises Inc. Statement of Stockholders' Equity For the Period Ended December 31, 20Y1 Paid In Capital Paid-in Capital from Sale of Common in Excess of Treasury Stock Stated Value Stock Treasury Retained Earnings Stock Total Balances, January 1 Issued common stock Net income Cash dividends Stock dividend Sale of treasury stock Purchase of treasury stock Balances, December 31 Nav-Go Enterprises Inc. Balance Sheet December 31, 20Y1 .................... Stockholders' Equity Paid-in capital: Common stock, $20 stated value (500,000 shares authorized, 468.000 shares issued) Excess of issue price over stated value From sale of treasury stock Total paid-in capital Retained earnings Total Deduct treasury stock (30,000 shares at cost) Total stockholders' equity

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