Entries for Selected Corporate Transactions Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2015, are as follows: 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 a cost of $14 per share ) 280,000 The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of $0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $25,200. Apr. 10. Issued 40,000 shares of common stock for $16 per share. June 6. Sold all of the treasury stock for $340,000. 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 13,000 shares of treasury stock for $247,000. Dec. 28, Declared a $0.17-per-share dividend on common stock. 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 I accounts and provide the December 31 balance where appropriate.
Entries for Selected Corporate Transactions Morrow Enterprises Inc. manufactures bathroom fixtures. The
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