Can you show how to prepare the "Stockholders' Equity" section of the December 31, 20Y6, balance sheet. Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises' stockholders' equity accounts, with balanceson January 1, 20Y6, are as follows:Common Stock, $20 stated value (500,000 shares authorized, 375,000 shares issued)Paid-In Capital in Excess of Stated Value-Common StockRetained EarningsTreasury Stock (25,000 shares, at cost)The following selected transactions occurred during the year:Jan.Apr.Jun.Jul.Aug.Nov.Dec.226$7,500,00015825,000Paid cash dividends of $0.08 per share on the common stock. The dividend had beenproperly recorded when declared on December 1 of the preceding fiscal year for $28,000.10 Issued 75,000 shares of common stock for $24 per share.Sold all of the treasury stock for $26 per share.5 Declared a 4% Stock dividend on common stock, to be capitalized at the market price of thestock, which is $25 per share.Issued shares of stock for the Stock dividend declared on July 5.23 Purchased 30,000 shares of treasury stock for $19 per share.28 Declared a $0.10-per-share dividend on common stock.Closed the two dividends accounts to Retained Earnings.3133,600,000450,000Required:1. Enter the January 1 balances in T accounts for the stockholders' equity accounts listed.2. Journalize the entries to record the transactions, and post to the eight selected accounts. Assume that theclosing entry for revenues and expenses has been made and post net income of $1,125,000 to the retainedearnings account.3. Prepare a statement of stockholders' equity for the year ended December 31, 20Y6. Assume that net incomewas $1,125,000 for the year ended December 31, 20Y6.4. Prepare the "Stockholders' Equity" section of the December 31, 20Y6, balance sheet. Balances, January 1Issued common stockNet incomeCash dividendsStock dividendsSale of treasury stockPurchase of treasury stockBalances, December 31Morrow Enterprises Inc.Statement of Stockholders' EquityFor the Year Ended December 31, 20Y6Paid-In Capitalin Excess ofStated Value$825,000.00300,000.00Common Stock$7,500,000.001,500,000.00360,000.0090,000.00Paid-In Capitalfrom Sale ofTreasury Stock200,000.00RetainedEarningsTreasury Stock1.125.000.00(43,800.00)(450,000.00)Total$33,600,000.00 $(450,000.00) $41,475,000.01,800,000.01,125,000.0(43,800.00.0450,000.00650,000.0(570,000.00)(570,000.0$9,360,000.00 $1,215,000.00 $200,000.00 $34,231,200.00 $(570,000.00) $44,436,200.0

Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises' stockholders' equity accounts, with balan on January 1, 20Y6, are as follows: Common Stock, $20 stated value (500,000 shares authorized, 375,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (25,000 shares, at cost) $7,500,000 825,000 33,600,000 450,000

Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises' stockholders' equity accounts, with balan on January 1, 20Y6, are as follows: Common Stock, $20 stated value (500,000 shares authorized, 375,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (25,000 shares, at cost) $7,500,000 825,000 33,600,000 450,000

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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