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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 (350,000 shares authorized, 240,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (24,000 shares, at cost) The following selected transactions occurred during the year: Jan. 15. Paid cash dividends of $0.15 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $32,400. Mar. 15. Sold all of the treasury stock for $17 per share. Apr. 13. Issued 45,000 shares of common stock for $720,000. June 14. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. July 16. Issued shares of stock for the stock dividend declared on June 14. Oct. 30. Purchased 15,000 shares of treasury stock for $19 per share. Dec. 30. Declared a $0.18-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 T accounts and provide the December 31 balance where appropriate. If required, round to one decimal place. July 16 Jan. 1 Bal. June 14 Dec. 31 Bal. Common Stock X Jan, 1 Bal. June 14 July 16 Dec. 31 Bal. Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. Dec. 31 Bal. Retained Earnings Jan. 1 Bal. Dec. 31 Bal X Treasury Stock 336,000 V 2,400,000 $2,400,000 450,000 5,450,000 336,000 450,000 5,450,000

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 (350,000 shares authorized, 240,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (24,000 shares, at cost) The following selected transactions occurred during the year: Jan. 15. Paid cash dividends of $0.15 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $32,400. Mar. 15. Sold all of the treasury stock for $17 per share. Apr. 13. Issued 45,000 shares of common stock for $720,000. June 14. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. July 16. Issued shares of stock for the stock dividend declared on June 14. Oct. 30. Purchased 15,000 shares of treasury stock for $19 per share. Dec. 30. Declared a $0.18-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 T accounts and provide the December 31 balance where appropriate. If required, round to one decimal place. July 16 Jan. 1 Bal. June 14 Dec. 31 Bal. Common Stock X Jan, 1 Bal. June 14 July 16 Dec. 31 Bal. Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. Dec. 31 Bal. Retained Earnings Jan. 1 Bal. Dec. 31 Bal X Treasury Stock 336,000 V 2,400,000 $2,400,000 450,000 5,450,000 336,000 450,000 5,450,000

FINANCIAL ACCOUNTING
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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### Entries for Selected Corporate Transactions **Nav-Go Enterprises Inc.** produces aeronautical navigation equipment. The stockholders’ equity accounts as of January 1, 20Y1, have the following balances: - **Common Stock, $10 stated value** (350,000 shares authorized, 240,000 shares issued): $2,400,000 - **Paid-In Capital in Excess of Stated Value-Common Stock**: $450,000 - **Retained Earnings**: $5,450,000 - **Treasury Stock** (24,000 shares, at cost): $336,000 #### Selected Transactions During the Year: - **Jan. 15**: Paid cash dividends of $0.15 per share on common stock. The dividend had been recorded on December 1 of the prior year for $32,400. - **Mar. 15**: Sold all of the treasury stock for $17 per share. - **May 15**: Issued 45,000 shares of common stock for $720,000. - **June 14**: Declared a 4% stock dividend on common stock, valued at the market price of $18 per share. - **July 16**: Issued shares for the stock dividend declared on June 14. - **Oct. 30**: Purchased 15,000 shares of treasury stock for $19 per share. - **Dec. 30**: Declared a $0.18 per share dividend on common stock. - **Dec. 31**: Closed two dividends accounts to Retained Earnings. #### Required: The January 1 balances have been entered in T accounts for the stockholders’ equity accounts. Record the transactions in T accounts and provide the December 31 balance where appropriate. If required, round to one decimal place. #### T-Accounts Explanation **Common Stock** - **Jan. 1 Balance**: $2,400,000 - **June 14**: X - **July 16**: ✔ **Paid-In Capital in Excess of Stated Value-Common Stock** - **Jan. 1 Balance**: $450,000 - **July 16**: (Transaction impacts) **Retained Earnings** - **Jan. 1 Balance**: $5,450,000 - **July 16**: X **Treasury Stock** - **Jan
Transcribed Image Text:### Entries for Selected Corporate Transactions **Nav-Go Enterprises Inc.** produces aeronautical navigation equipment. The stockholders’ equity accounts as of January 1, 20Y1, have the following balances: - **Common Stock, $10 stated value** (350,000 shares authorized, 240,000 shares issued): $2,400,000 - **Paid-In Capital in Excess of Stated Value-Common Stock**: $450,000 - **Retained Earnings**: $5,450,000 - **Treasury Stock** (24,000 shares, at cost): $336,000 #### Selected Transactions During the Year: - **Jan. 15**: Paid cash dividends of $0.15 per share on common stock. The dividend had been recorded on December 1 of the prior year for $32,400. - **Mar. 15**: Sold all of the treasury stock for $17 per share. - **May 15**: Issued 45,000 shares of common stock for $720,000. - **June 14**: Declared a 4% stock dividend on common stock, valued at the market price of $18 per share. - **July 16**: Issued shares for the stock dividend declared on June 14. - **Oct. 30**: Purchased 15,000 shares of treasury stock for $19 per share. - **Dec. 30**: Declared a $0.18 per share dividend on common stock. - **Dec. 31**: Closed two dividends accounts to Retained Earnings. #### Required: The January 1 balances have been entered in T accounts for the stockholders’ equity accounts. Record the transactions in T accounts and provide the December 31 balance where appropriate. If required, round to one decimal place. #### T-Accounts Explanation **Common Stock** - **Jan. 1 Balance**: $2,400,000 - **June 14**: X - **July 16**: ✔ **Paid-In Capital in Excess of Stated Value-Common Stock** - **Jan. 1 Balance**: $450,000 - **July 16**: (Transaction impacts) **Retained Earnings** - **Jan. 1 Balance**: $5,450,000 - **July 16**: X **Treasury Stock** - **Jan
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