Question

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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.

HELP ME WITH THIS I GOT THEM WRONG

Stock Dividends Distributable
June 14		Mar. 15

3. Prepare a statement of stockholders’ equity for the year ended December 31, 20Y1. Assume that net income was $775,000 for the year ended December 31, 20Y1. For those boxes in which you must enter subtracted or negative numbers use a minus sign. If an amount box does not require an entry, leave it blank or enter “0”.

Nav-Go Enterprises Inc. Statement of Stockholders’ Equity For the Year Ended December 31, 20Y1
	Common Stock	Paid-In Capital in Excess of Stated Value	Paid-In Capital from Sale of Treasury Stock	Retained Earnings	Treasury Stock	Total
Balances, January 1	$	$	$	$	$	$
Net Income
Cash Dividends
Stock Dividends
	$	$	$	$	$	$

4. Prepare the "Stockholders’ Equity" section of the December 31, 20Y1, balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus sign.

Nav-Go Enterprises Inc. Balance Sheet December 31, 20Y1
Stockholders' Equity
Paid-In Capital:
Common Stock, $5 Stated Value (900,000 Shares Authorized, 844,600 Shares Issued)	$
Excess of Issue Price Over Stated Value
From Sale of Treasury Stock
Total Paid-In Capital		$
Retained Earnings
Total		$
Treasury Stock (50,000 Shares at Cost)
Total Stockholders' Equity		$

Answer 1

Common Stock Ale 31-Dec To Balance Cid 4.223,000 01-Jan By Balance B/d 13-Apr By Cash 16-Jul By Dividend distributable 3,100,000 1,000,000 123,000 Total 4.223.000 Total 4,223,000 Paid-In Capital in Excess of Stated Value Common Stock Me 01-Jan By Balance B/d 13-Apr By Cash 14-Jun Stock Dividend 1.240,000 600,000 61,500 31-Dec To Balance C/d 1,901,500 Total 1,901,500 Total 1.901,500 Retained Earnings 4,875,000 31-Dec To Stock Dividend 31-Dec To Cash Dividend 01-Jan By Balance B/d 123,000 63,568 31-Dec By Income statement 775,000 31-Dee To Balance C/d 5.401,932 Total 5.588.500 Total 5,650,000 Treasury Stock 288,000 01-Jan To Opening Balance B/d 30-Oct To Cash 288,000 15-Mar By Cash 300,000 31-Dec By Balance C/d 300,000 Total 588,000 Total 588.000 Paid-In Capital from Sale of Treasury Stock 15-Mar By Cash 36.000 31-Dec To Balance Cla 36,000 36,000 36.000 Stock Dividends Distributable 16-Jul To Stock Dividend 123,000 14-Jun Dividend Payable 123.000 31-Dee To Balance Cld 63,568 30-Dee Cash Dividend Payable 63,568 Total 186,568 Total 186,568

Stock Dividends 184,500 123.000 16-Jul By Retained earnings 16-Jul To Common Stock To Paid-In Capital in Excess of Stated Value-Common Stock 16-Jul A/c - (Note 2) 61.500 Total 184,500 184,500 Total Cash dividends 63,568 63,568 15-Jan By dividend distributable /c 15-Jan To Cash 63,568 Total 63,568 Total Note 1 Opening Capital Issue Total 3% OF ABOVE 3,100,000 1,000,000 4,100,000 123,000 123,000 24,600 Note 2 Amount of common stock issue Price of one share (123000/5) Paid-In Capital in Excess of Stated Value-Common Stock Alc 61,500 4,223.000 Note 3 Total common stock Value Total common stock in number 4223000/5 Treasury stock Outside stock Dividend per share total dividend 844,600 50,000 794.600 63,568

Nav-Go Enterprises Inc. Retained Earning statement For the Year Ended December 31, 20Y1 Balances, January 1 Net Income Cash Dividends Stock Dividends 4,875,000 775,000 (63,568) (184,500) Retained Earnings as at 31 Dec 5,401,932 4,223,000 Nav-Go Enterprises Inc. Stockholders' Equity December 31, 20Y1 Stockholders' Equity Paid-In Capital: Common Stock, $5 Stated Value (900,000 Shares Authorized, 844,600 Shares Issued) Excess of Issue Price Over Stated Value From Sale of Treasury Stock Total Paid-In Capital Retained Earnings Total Treasury Stock (50,000 Shares at Cost) Total Stockholders' Equity 1,901,500 36,000 6,160,500 5,401,932 11,562,432 (300,000) 11,262,432