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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 (750,000 shares authorized, 500,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (50,000 shares, at cost) The following selected transactions occurred during the year: $5,000,000 950,000 11,350,000 750,000 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 $67,500. Mar. 15. Sold all of the treasury stock for $18 per share. Apr. 13. Issued 95,000 shares of common stock for $18 per share. 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 stock for the stock dividend declared on June 14. Oct. 30. Purchased 31,000 shares of treasury stock for $20 per share. Dec. 30. Declared a $0.18-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. Required: 1. The January 1 balances in T accounts for the stockholders' equity accounts have been listed below. T accounts for the following accounts have also been created: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. If required, round to one decimal place. Check My Work Common Stock Jan. 1 Bal. Dec. 31 Bal. Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. Dec. 31 Bal. 3,100,000 1,240,000 Email Instructor Save and Buit Dec. 31 Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. Apr. 13 June 14 Dec. 31 Bal. Retained Earnings 1,240,000 Jan. 1 Bal. 4,875,000 Dec. 31 Dec. 31 Bal. Treasury Stock Jan. 1 Bal. 288,000 Mar. 15 Oct. 30 Dec. 31 Bal. July 16 June 14 Paid-In Capital from Sale of Treasury Stock Mar. 15 Stock Dividends Distributable June 14 Stock Dividends Dec. 31 Dec. 30 Cash Dividends Dec. 31

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 (750,000 shares authorized, 500,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (50,000 shares, at cost) The following selected transactions occurred during the year: $5,000,000 950,000 11,350,000 750,000 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 $67,500. Mar. 15. Sold all of the treasury stock for $18 per share. Apr. 13. Issued 95,000 shares of common stock for $18 per share. 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 stock for the stock dividend declared on June 14. Oct. 30. Purchased 31,000 shares of treasury stock for $20 per share. Dec. 30. Declared a $0.18-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. Required: 1. The January 1 balances in T accounts for the stockholders' equity accounts have been listed below. T accounts for the following accounts have also been created: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. If required, round to one decimal place. Check My Work Common Stock Jan. 1 Bal. Dec. 31 Bal. Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. Dec. 31 Bal. 3,100,000 1,240,000 Email Instructor Save and Buit Dec. 31 Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. Apr. 13 June 14 Dec. 31 Bal. Retained Earnings 1,240,000 Jan. 1 Bal. 4,875,000 Dec. 31 Dec. 31 Bal. Treasury Stock Jan. 1 Bal. 288,000 Mar. 15 Oct. 30 Dec. 31 Bal. July 16 June 14 Paid-In Capital from Sale of Treasury Stock Mar. 15 Stock Dividends Distributable June 14 Stock Dividends Dec. 31 Dec. 30 Cash Dividends Dec. 31

Financial And Managerial Accounting
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 (750,000 shares authorized, 500,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (50,000 shares, at cost) The following selected transactions occurred during the year: $5,000,000 950,000 11,350,000 750,000 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 $67,500. Mar. 15. Sold all of the treasury stock for $18 per share. Apr. 13. Issued 95,000 shares of common stock for $18 per share. 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 stock for the stock dividend declared on June 14. Oct. 30. Purchased 31,000 shares of treasury stock for $20 per share. Dec. 30. Declared a $0.18-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. Required: 1. The January 1 balances in T accounts for the stockholders' equity accounts have been listed below. T accounts for the following accounts have also been created: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. If required, round to one decimal place. Check My Work Common Stock Jan. 1 Bal. Dec. 31 Bal. Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. Dec. 31 Bal. 3,100,000 1,240,000 Email Instructor Save and Buit
Transcribed Image Text: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 (750,000 shares authorized, 500,000 shares issued) Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (50,000 shares, at cost) The following selected transactions occurred during the year: $5,000,000 950,000 11,350,000 750,000 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 $67,500. Mar. 15. Sold all of the treasury stock for $18 per share. Apr. 13. Issued 95,000 shares of common stock for $18 per share. 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 stock for the stock dividend declared on June 14. Oct. 30. Purchased 31,000 shares of treasury stock for $20 per share. Dec. 30. Declared a $0.18-per-share dividend on common stock. 31. Closed the two dividends accounts to Retained Earnings. Required: 1. The January 1 balances in T accounts for the stockholders' equity accounts have been listed below. T accounts for the following accounts have also been created: Paid-In Capital from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. If required, round to one decimal place. Check My Work Common Stock Jan. 1 Bal. Dec. 31 Bal. Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. Dec. 31 Bal. 3,100,000 1,240,000 Email Instructor Save and Buit
Dec. 31 Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. Apr. 13 June 14 Dec. 31 Bal. Retained Earnings 1,240,000 Jan. 1 Bal. 4,875,000 Dec. 31 Dec. 31 Bal. Treasury Stock Jan. 1 Bal. 288,000 Mar. 15 Oct. 30 Dec. 31 Bal. July 16 June 14 Paid-In Capital from Sale of Treasury Stock Mar. 15 Stock Dividends Distributable June 14 Stock Dividends Dec. 31 Dec. 30 Cash Dividends Dec. 31
Transcribed Image Text:Dec. 31 Paid-In Capital in Excess of Stated Value-Common Stock Jan. 1 Bal. Apr. 13 June 14 Dec. 31 Bal. Retained Earnings 1,240,000 Jan. 1 Bal. 4,875,000 Dec. 31 Dec. 31 Bal. Treasury Stock Jan. 1 Bal. 288,000 Mar. 15 Oct. 30 Dec. 31 Bal. July 16 June 14 Paid-In Capital from Sale of Treasury Stock Mar. 15 Stock Dividends Distributable June 14 Stock Dividends Dec. 31 Dec. 30 Cash Dividends Dec. 31
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