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 (700,000 shares authorized, 480,000 shares issued)$4,800,000Paid-In Capital in Excess of Stated Value-Common Stock900,000Retained Earnings10,900,000Treasury Stock (48,000 shares, at cost)672,000The following selected transactions occurred during the year:Jan. 15.Paid cash dividends of $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $56,160.Mar. 15.Sold all of the treasury stock for $17 per share.Apr. 13.Issued 90,000 shares of common stock for $1,620,000.June 14.Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 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 $19 per share.Dec. 30.Declared a $0.16-per-share dividend on common stock.31.Closed the two dividends accounts to Retained Earnings.

The question is related to Journal Entries in the books of Nav-Go Enterprises Inc for the year .

Answered: Entries for Selected Corporate…

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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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)	672,000

The following selected transactions occurred during the year:

Jan. 15.	Paid cash dividends of $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $56,160.
Mar. 15.	Sold all of the treasury stock for $17 per share.
Apr. 13.	Issued 90,000 shares of common stock for $1,620,000.
June 14.	Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $20 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 $19 per share.
Dec. 30.	Declared a $0.16-per-share dividend on common stock.
31.	Closed the two dividends accounts to Retained Earnings.