Entries for Selected Corporate TransactionsNav-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 (350,000 shares authorized, 240,000 shares issued)$2,400,000Paid-In Capital in Excess of Stated Value-Common Stock450,000Retained Earnings5,450,000Treasury Stock (24,000 shares, at cost)336,000The following selected transactions occurred during the year:Jan. 15.Paid cash dividends of $0.15 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $32,400.Mar. 15.Sold all of the treasury stock for $17 per share.Apr. 13.Issued 45,000 shares of common stock for $720,000.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 15,000 shares of treasury stock for $19 per share.Dec. 30.Declared a $0.18-per-share dividend on common stock.31.Closed the two dividends accounts to Retained Earnings.Required: 3. Prepare a statement of stockholders' equity for the year ended December 31, 20Y1. Assume that net income was $5,668,000 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".Stockholders' EquityPaid-In Capital:Nav-Go Enterprises Inc.Balance SheetDecember 31, 20Y1Total Paid-In CapitalTotalCommon StockTotal Stockholders' EquityNav-Go Enterprises Inc.Statement of Stockholders' EquityFor the Year Ended December 31, 20Y1Paid-InCapital inExcess ofStated Value4. 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.Paid-InCapital from Sale ofTreasury StockRetainedEarningsTreasuryStockTotal

Stockholder's Equity -Stockholder's Equity includes the amount contributed by shareholders issued in…

Answered: Entries for Selected Corporate…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section: Chapter Questions

Problem 2AP

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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, $10 stated value (350,000 shares authorized, 240,000 shares issued)	$2,400,000
Paid-In Capital in Excess of Stated Value-Common Stock	450,000
Retained Earnings	5,450,000
Treasury Stock (24,000 shares, at cost)	336,000

The following selected transactions occurred during the year:

Jan. 15.	Paid cash dividends of $0.15 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $32,400.
Mar. 15.	Sold all of the treasury stock for $17 per share.
Apr. 13.	Issued 45,000 shares of common stock for $720,000.
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 15,000 shares of treasury stock for $19 per share.
Dec. 30.	Declared a $0.18-per-share dividend on common stock.
31.	Closed the two dividends accounts to Retained Earnings.