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Entries for Selected Corporate Transactions Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders' equity...

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, $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 cost) 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 stock for stock dividend declared on June 14.
Oct. 30. Purchased 50,000 shares of treasury stock for $6 per share.
Dec. 30. Declared an $0.08-per-share dividend on common stock.
31. Closed the two dividends accounts to Retained Earnings.

Required:

1. The January 1 balances in T accounts for the stockholders’ equity accounts have been listed below. T accounts for the following accounts have also been created: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends.

Common Stock
Jan. 1 Bal. 3,100,000
Dec. 31 Bal.


Paid-In Capital in Excess of Stated Value-Common Stock
Jan. 1 Bal. 1,240,000
Dec. 31 Bal.


Retained Earnings
Jan. 1 Bal. 4,875,000
Dec. 31 Bal.


Treasury Stock
Jan. 1 Bal. 288,000
Dec. 31 Bal.


Paid-In Capital from Sale of Treasury Stock


Stock Dividends Distributable


Stock Dividends


Cash Dividends

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