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Financial And Managerial Accounting
15th Edition
ISBN: 9781337902663
Author: WARREN, Carl S.
Publisher: Cengage Learning,
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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:
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.
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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
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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
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
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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