Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders’ equity accounts of Morrow Enterprises Inc., with balances on January 1, 20Y5, are as follows:Common stock, $20 stated value (500,000 shares authorized, 399,000 shares issued)$7,980,000Paid-In Capital in Excess of Stated Value—Common Stock877,800Retained Earnings34,554,000Treasury Stock (22,500 shares, at a cost of $17 per share)382,500 The following selected transactions occurred during the year:Jan.22Paid cash dividends of $0.07 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $26,355.Apr.10Issued 73,000 shares of common stock for $23 per share.Jun.6Sold all of the treasury stock for $26 per share.Jul.5Declared a 2% stock dividend on common stock, to be capitalized at the market price of the stock, which is $24 per share.Aug.15Issued the certificates for the dividend declared on July 5.Nov.23Purchased 30,000 shares of treasury stock for $20 per share.Dec.28Declared a $0.09-per-share dividend on common stock. 31Closed the two dividends accounts to Retained Earnings. Prepare the Stockholders’ Equity section of the December 31, 20Y5, balance sheet. Refer to the chart of accounts and the lists of Labels and Amount Descriptions for the exact wording of text entries. For those boxes in which you must enter subtractive or negative numbers, use a minus sign. Labels For the Year Ended December 31, 20Y5 December 31, 20Y5 Amount Descriptions Cash balance, July 31, 20Y5 Cash dividends Common stock, $20 stated value (500,000 shares authorized, 399,000 shares issued) Common stock, $20 stated value (500,000 shares authorized, 451,440 shares issued) Common stock, $20 stated value (500,000 shares authorized, 481,440 shares issued) Decrease in retained earnings Excess over stated value From sale of treasury stock Increase in retained earnings Net income Net loss Paid-in capital, common stock Retained earnings Retained earnings, December 31, 20Y5 Retained earnings, January 1, 20Y5 Stock dividends Total Total paid-in capital Total stockholders’ equity Treasury stock what am i doing wrong Stockholders' EquityShaded cells have feedback.Χd. Prepare the Stockholders' Equity section of the December 31, 20Y5, balance sheet. Refer to the chart of accounts and the lists of Labels and Amount Descriptions for theexact wording of text entries. For those boxes in which you must enter subtractive or negative numbers, use a minus sign.Stockholders' EquityScore: 59/791 Paid-in capital:2Common stock, $20 stated value (500,000 shares authorized, 481,440 shares issu$9,628,800.003a1,134,560.004 Paid-in capital, common stock$10,763,360.00105a6Total paid-in capital1.00$10,965,860.0035,449,310.007 Retained earnings8 Treasury stock9 Total stockholders' equity382,500.00$45,815,170.00Points:11.95/16

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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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Question

Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders’ equity accounts of Morrow Enterprises Inc., with balances on January 1, 20Y5, are as follows:

Common stock, $20 stated value (500,000 shares authorized, 399,000 shares issued)	$7,980,000
Paid-In Capital in Excess of Stated Value—Common Stock	877,800
Retained Earnings	34,554,000
Treasury Stock (22,500 shares, at a cost of $17 per share)	382,500

The following selected transactions occurred during the year:

Jan.	22	Paid cash dividends of $0.07 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $26,355.
Apr.	10	Issued 73,000 shares of common stock for $23 per share.
Jun.	6	Sold all of the treasury stock for $26 per share.
Jul.	5	Declared a 2% stock dividend on common stock, to be capitalized at the market price of the stock, which is $24 per share.
Aug.	15	Issued the certificates for the dividend declared on July 5.
Nov.	23	Purchased 30,000 shares of treasury stock for $20 per share.
Dec.	28	Declared a $0.09-per-share dividend on common stock.
	31	Closed the two dividends accounts to Retained Earnings.

Prepare the Stockholders’ Equity section of the December 31, 20Y5, balance sheet. Refer to the chart of accounts and the lists of Labels and Amount Descriptions for the exact wording of text entries. For those boxes in which you must enter subtractive or negative numbers, use a minus sign.

Labels
For the Year Ended December 31, 20Y5
December 31, 20Y5
Amount Descriptions
Cash balance, July 31, 20Y5
Cash dividends
Common stock, $20 stated value (500,000 shares authorized, 399,000 shares issued)
Common stock, $20 stated value (500,000 shares authorized, 451,440 shares issued)
Common stock, $20 stated value (500,000 shares authorized, 481,440 shares issued)
Decrease in retained earnings
Excess over stated value
From sale of treasury stock
Increase in retained earnings
Net income
Net loss
Paid-in capital, common stock
Retained earnings
Retained earnings, December 31, 20Y5
Retained earnings, January 1, 20Y5
Stock dividends
Total
Total paid-in capital
Total stockholders’ equity
Treasury stock

what am i doing wrong

Stockholders' Equity
Shaded cells have feedback.
Χ
d. Prepare the Stockholders' Equity section of the December 31, 20Y5, balance sheet. Refer to the chart of accounts and the lists of Labels and Amount Descriptions for the
exact wording of text entries. For those boxes in which you must enter subtractive or negative numbers, use a minus sign.
Stockholders' Equity
Score: 59/79
1 Paid-in capital:
2
Common stock, $20 stated value (500,000 shares authorized, 481,440 shares issu
$9,628,800.00
3
a
1,134,560.00
4 Paid-in capital, common stock
$10,763,360.00
10
5
a
6
Total paid-in capital
1.00
$10,965,860.00
35,449,310.00
7 Retained earnings
8 Treasury stock
9 Total stockholders' equity
382,500.00
$45,815,170.00
Points:
11.95/16

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