Reference no: EM133059209
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, 440,000 shares issued) $4,400,000
Paid-In Capital in Excess of Stated Value-Common Stock 850,000
Retained Earnings 9,990,000
Treasury Stock (44,000 shares, at cost) 660,000
The following selected transactions occurred during the year:
Jan. 15. Paid cash dividends of $0.14 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $55,440.
Mar. 15. Sold all of the treasury stock for $18 per share.
Apr. 13. Issued 85,000 shares of common stock for $1,360,000.
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 28,000 shares of treasury stock for $20 per share.
Dec. 30. Declared a $0.17-per-share dividend on common stock.
Dec. 31. Closed the two dividends accounts to Retained Earnings.
Required - 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.