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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, $10 stated value (700,000 shares authorized, 480,000 shares issued) $4,800,000
Paid-In Capital in Excess of Stated Value-Common Stock 900,000
Retained Earnings 10,900,000
Treasury Stock (48,000 shares, at cost) 720,000

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 $60,480.
Mar. 15. Sold all of the treasury stock for $18 per share.
Apr. 13. Issued 90,000 shares of common stock for $1,440,000.
June 14. Declared a 4% 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 30,000 shares of treasury stock for $20 per share.
Dec. 30. Declared a $0.17-per-share dividend on common stock.
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. If required, round to one decimal place.

Common Stock
Jan. 1 Bal. 4,800,000
Apr. 13
July 16
Dec. 31 Bal.


Paid-In Capital in Excess of Stated Value-Common Stock
Jan. 1 Bal. 900,000
Dec. 31 Bal.


Retained Earnings
Dec. 31 Jan. 1 Bal. 10,900,000
Dec. 31
Dec. 31 Bal.


Treasury Stock
Jan. 1 Bal. 720,000 Mar. 15
Oct. 30
Dec. 31 Bal.


Paid-In Capital from Sale of Treasury Stock
Mar. 15


Stock Dividends Distributable
July 16 June 14


Stock Dividends
June 14 Dec. 31


Cash Dividends
Dec. 30 Dec. 31
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