Reference no: EM132838645
Question - 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, $10 stated value (650,000 shares authorized, 420,000 shares issued) $4,200,000
Paid-In Capital in Excess of Stated Value-Common Stock 800,000
Retained Earnings 9,530,000
Treasury Stock (42,000 shares, at cost) 630,000
The following selected transactions occurred during the year:
Jan. 15. Paid cash dividends of $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $49,140.
Mar. 15. Sold all of the treasury stock for $18 per share.
Apr. 13. Issued 80,000 shares of common stock for $1,280,000.
June 14. Declared a 5% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share.
July 16. Issued shares of stock for the stock dividend declared on June 14.
Oct. 30. Purchased 26,000 shares of treasury stock for $20 per share.
Dec. 30. Declared a $0.16-per-share dividend on common stock.
Dec. 31. Closed the two dividends accounts to Retained Earnings.
Required -
1. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.
2. Make a Statement of Stockholders' Equity For the Year Ended December 31, 20Y1.
3. Make the Balance Sheet for December 31, 20Y1.
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