PR$\mathrm{.}12\mathrm{.}04$B$.$ALGO

Entries for selected corporate transactions

Nav$-$Go Enterprises Inc. produces aeronautical navigation equipment. Nav$-$Go Enterprises' stockholders' equity accounts, with balances on January $1,20$Y$1,$ are as follow

Common Stock, $$10$ stated value shares authorized, $480,000$ shares issued$)$

Paid$-$In Capital in Excess of Stated Value$-$Common Stock

$$4,800,000$

$900,000$

$10,900,000$

$720,000$

Retained Earnings

Treasury Stock shares, at cost$)$

The following selected transactions occurred during the year:

Jan. $15.$ Paid cash dividends of $$0\mathrm{.}14$ per share on the common stock. The dividend had been properly recorded when declared on December $1$ of the preceding fiscal year for $$60,480.$

Mar. $15.$ Sold all of the treasury stock for $$18$ per share.

Apr. $13.$ Issued $90,000$ 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 $30,000$ shares of treasury stock for $$20$ per share.

Dec. $30.$ Declared a $$0\mathrm{.}17-$per$-$share dividend on common stock.

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

Required:

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 from Sale of Treasury Stock; Stock Dividends Distributable; Stock Dividends; Cash Dividends. If required, round to one decimal place.

Common Stock

Jan. $1$ Bal.

$3,100,000$