eBook Calculator Entries for Selected Corporate Transactions Morrow Enterprises Inc, manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2045, are as follows: Common Stock, $10 stated value (900,000 shares authorized, 600,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock $6,000,000 1,150,000 Retained Earnings 13,620,000 Treasury Stock (60,000 shares, at cost) 900,000 The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of $0.12 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $64,800. Apr. 10. Issued 115,000 shares of common stock for $1,840,000. June 6. Sold all of the treasury stock for $1,080,000 July 5. Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. Aug. 15. Issued the certificates for the dividend declared on July 5 Nov. 23. Purchased 38,000 shares of treasury stock for $760,000. Dec. 28. Declared a $0.15-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $14,165,000. 31. Closed the two dividends accounts to Retained Earnings. Required: 1. The January 1 balances have been entered in T accounts for the stockholders' equity accounts. Record the above transactions in the T accounts and provide the December 3 Common Stock Jan. 1 Bal. 6,000,000 1,150,000 Dec. 31 Bal