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
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
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'
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 |
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. |
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