Question

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 (300,000 shares authorized, 200,000 shares issued) $2,000,000 Paid-In Capital in Excess of Stated Value-Common Stock 400,000 Retained Earnings 4,540,000 Treasury Stock (20,000 shares, at cost) 280,000 The following selected transactions occurred during the year: Jan. 15. Paid cash dividends of $0.12 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $21,600. Mar. 15. Sold all of the treasury stock for $17 per share. Apr. 13. Issued 40,000 shares of common stock for $720,000. June 14. Declared a 5% 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 13,000 shares of treasury stock for $19 per share. Dec. 30. Declared a $0.15-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.

Answer 1

All amounts are in $

The answer is inserted as picture.

No journal entries were asked. Only T accounts are asked in the question

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