Reference no: EM131026441
Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 2014, are as follows:
Common Stock $20 stated value .......... $7,500,000
Paid-In Capital in Excess of Stated Value-Common Stock 825,000
Retained Earnings 33,600,000
Treasury Stock (25,000 shares, at cost) 450,000
The following selected transactions occurred during the year:
Jan. 22. Paid cash dividends of $0.08 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $28,000.
Apr. 10. Issued 75,000 shares of common stock for $24 per share. June 6. Sold all of the treasury stock for $26 per share.
July 5. Declared a 4% stock dividend on common stock, to be capitalized at the mar-
ket price of the stock, which is $25 per share.
Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 30,000 shares of treasury stock for $19 per share. Dec... Declared a $0.10-per-share dividend on common stock.
31. Closed the credit balance of the income summary account, $1,125,000.
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.
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