Instructions1. 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 accounts.3. Prepare a retained earnings statement for the year ended December 31, 2016.Prenare the Stockholders’ Equity section of the December 31, 2016, balance sheet. PR 11-4AEntries for selected corporate transactionsоBJ. 2, 3, 4, 5Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity aecounts of Morrow Enterprises Inc., with balances on January 1, 2016, are as foimowerE'equity,Common Stock, $20 stated value (500,000 sharesauthorized, 375,000 shares issued).$ 7,500,000825,000Paid-In Capital in Excess of Stated Value-Common Stock.Retained Earnings ....Treasury Stock (25,000 shares, at cost)33,600,000450,000The following selected transactions occurred during the year:Jan. 22. Paid cash dividends of $0.08 per share on the common stock. The dividendhad been properly recorded when declared on December 1 of the precedingfiscal year for $28,000.Apr. 10. Issued 75,000 shares of common stock for $24 per share.June 6. Sold all of the treasury stock for $26 per share.July 5. Declared a 4% stock dividend on common stock, to be capitalized at the mar-ket price of the stock, which is $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 $19 per share.Dec. 28. Declared a $0.10-per-share dividend on common stock.31. Closed the credit balance of the income summary account, $1,125,000.31. Closed the two dividends accounts to Retained Earnings.

Journal entries are defined as posting of the transactions of the business into the books of…

Enter the January 1 balances in T Also prepare T accounts for the following: Paid-In Capital from Sale of Stock Dividends Distributable; Stock Dividends; Cash Dividends. Journalize the entries to record the transactions, and post to the eight selected acc Brenare a retained earnings statement for the year ended December 31, 2016. f the December 31, 2016, balance s

Enter the January 1 balances in T Also prepare T accounts for the following: Paid-In Capital from Sale of Stock Dividends Distributable; Stock Dividends; Cash Dividends. Journalize the entries to record the transactions, and post to the eight selected acc Brenare a retained earnings statement for the year ended December 31, 2016. f the December 31, 2016, balance s

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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