Entries for Selected Corporate Transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders' equity accounts, with balances on January 1, 20Y1, are as follows: Common Stock, $10 stated value (700,000 shares authorized, 480,000 shares issued) $4,800,000 Paid-In Capital in Excess of Stated Value-Common Stock 900,000 Retained Earnings 10,900,000 Treasury Stock (48,000 shares, at cost) 720,000 The following selected transactions occurred during the year: Jan. 15. 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 $60,480. Mar. 15. Sold all of the treasury stock for $18 per share. Apr. 13. Issued 90,000 shares of common stock for $1,620,000. June 14. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share. July 16. Issued shares of stock for the stock dividend declared on June 14. Oct. 30. Purchased 30,000 shares of treasury stock for $20 per share.
Entries for Selected Corporate Transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders' equity accounts, with balances on January 1, 20Y1, are as follows: Common Stock, $10 stated value (700,000 shares authorized, 480,000 shares issued) $4,800,000 Paid-In Capital in Excess of Stated Value-Common Stock 900,000 Retained Earnings 10,900,000 Treasury Stock (48,000 shares, at cost) 720,000 The following selected transactions occurred during the year: Jan. 15. 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 $60,480. Mar. 15. Sold all of the treasury stock for $18 per share. Apr. 13. Issued 90,000 shares of common stock for $1,620,000. June 14. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 per share. July 16. Issued shares of stock for the stock dividend declared on June 14. Oct. 30. Purchased 30,000 shares of treasury stock for $20 per share.
Corporate Financial Accounting
14th Edition
ISBN:9781305653535
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter12: Corporations: Organization, Stock Transactions, And Dividends
Section: Chapter Questions
Problem 12.4BPR: Entries for selected corporate transactions Nav-Go Enterprises Inc. produces aeronautical navigation...
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