Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders’ equity accounts, with balances on January 1, 20Y1, are as follows: 2. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. 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. 31. Closed the two dividends accounts to Retained Earnings.

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter12: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 4PB: Entries for selected corporate transactions Nav-Go Enterprises Inc. produces aeronautical navigation...

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Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Nav-Go Enterprises' stockholders’ equity accounts, with balances on January 1, 20Y1, are as follows:

2. Journalize the entries to record the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank.

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.
31.	Closed the two dividends accounts to Retained Earnings.

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