Entries for Selected Corporate Transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. The stockholders' equity accounts of Nav-Go Enterprises Inc., with balances on January 1, 20Y3, are as follows: Common Stock, $5 stated value (900,000 shares authorized, 620,000 shares issued) $3,100,000 Paid-In Capital in Excess of Stated Value—Common Stock 1,240,000 Retained Earnings 4,875,000 Treasury Stock (48,000 shares, at a cost of $6 per share) 288,000 The following selected transactions occurred during the year: Jan. 15. Paid cash dividends of $0.06 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $34,320. Mar. 15. Sold all of the treasury stock for $6.75 per share. Apr. 13. Issued 200,000 shares of common stock for $8 per share. June 14. Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is $7.50 per share. July 16. Issued the certificates for the dividend declared on June 14. Oct. 30. Purchased 50,000 shares of treasury stock for $6 per share. Dec. 30. Declared a $0.08-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. Required: 2. Journalize the entries to record the transactions. If an amount box does not require an entry, leave it blank. Jan. 15. Paid cash dividends of $0.06 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $34,320. Mar. 15. Sold all of the treasury stock for $6.75 per share. Apr. 13. Issued 200,000 shares of common stock for $8 per share. June 14. Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is $7.50 per share. July 16. Issued the certificates for the dividend declared on June 14. Oct. 30. Purchased 50,000 shares of treasury stock for $6 per share. Dec. 30. Declared a $0.08-per-share dividend on common stock. Dec. 31. Closed the two dividends accounts to Retained Earnings. 3. Prepare a retained earnings statement for the year ended December 31, 20Y3. Assume that Nav-Go Enterprises had net income for the year ended December 31, 20Y3, of $775,000. 4. Prepare the Stockholders' Equity section of the December 31, 20Y3, balance sheet.
Entries for Selected Corporate Transactions
Nav-Go Enterprises Inc. produces aeronautical navigation equipment. The
Common Stock, $5 stated value (900,000 shares authorized, 620,000 shares issued) | $3,100,000 |
Paid-In Capital in Excess of Stated Value—Common Stock | 1,240,000 |
4,875,000 | |
288,000 |
The following selected transactions occurred during the year:
Jan. 15. | Paid cash dividends of $0.06 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $34,320. |
Mar. 15. | Sold all of the treasury stock for $6.75 per share. |
Apr. 13. | Issued 200,000 shares of common stock for $8 per share. |
June 14. | Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is $7.50 per share. |
July 16. | Issued the certificates for the dividend declared on June 14. |
Oct. 30. | Purchased 50,000 shares of treasury stock for $6 per share. |
Dec. 30. | Declared a $0.08-per-share dividend on common stock. |
31. | Closed the two dividends accounts to Retained Earnings. |
Required:
2.
Jan. 15. Paid cash dividends of $0.06 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $34,320.
Mar. 15. Sold all of the treasury stock for $6.75 per share.
Apr. 13. Issued 200,000 shares of common stock for $8 per share.
June 14. Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is $7.50 per share.
July 16. Issued the certificates for the dividend declared on June 14.
Oct. 30. Purchased 50,000 shares of treasury stock for $6 per share.
Dec. 30. Declared a $0.08-per-share dividend on common stock.
Dec. 31. Closed the two dividends accounts to Retained Earnings.
3. Prepare a retained earnings statement for the year ended December 31, 20Y3. Assume that Nav-Go Enterprises had net income for the year ended December 31, 20Y3, of $775,000.
4. Prepare the Stockholders' Equity section of the December 31, 20Y3, balance sheet.
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![Paid-In-Capital:
Common Stock, $5 Stated Value (900,000 Shares Authorized, 844,600 Shares Issued)
Excess Over Stated Value
Total Paid-In Capital
Retained Earnings
Treasury Stock (50,000 Shares at Cost) ▼
Total Stockholders' Equity
Nav-Go Enterprises Inc.
Stockholders' Equity
As of December 31, 20Y3
X
$ 4,223,000
1,901,500
$
X
5,401,932
300,000
11,262,432
X](https://content.bartleby.com/qna-images/question/3d146f9e-94f6-4761-b456-e60344f14413/4196d71f-c8b9-4f0d-9623-f814cf74d053/688gq36_thumbnail.jpeg)
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