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Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises stockholders equity accounts, with balances on January 1, 20Y6, are as follows: Common stock, $20 stated value (500,000 shares authorized, 399,000 shares issued Paid-In Capital in Excess of Stated Value-Common Stock Retained Earnings Treasury Stock (22,500 shares, at cost) $7,980,000 877,800 34,554,000 382,500 The following selected transactions occurred during the year: Paid cash dividends of $0.07 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $26,355. Issued 73,000 shares of common stock for $23 per share. Sold all of the treasury stock for $26 per share. Declared a 296 stockdividend on common stock, to be capitalized at the market price of the stock, which is $24 per share. Issued the certificates for the dividend declared on July 5. Purchased 30,000 shares of treasury stock for $20 per share. Declared a $0.09-per-share dividend on common stock. Closed the credit balance of the income summary account, $1,162,500. Closed the two dividends accounts to Retained Earnings. Jan. 22 Apr. Jun. Jul, 10 6 5 15 23 28 31 31 Nov. Dec.

Required 1. Enter the January 1 beilances in Taccounts for the stockhodrsqi counts lisied 2. Journalize the entries to record the transactions, and post to the eight selected accounts. No post ref is required in the journal. Refer to the Chart of Accounts for exact wording of account titles. When required, round your answers to the nearest dollar. 3. Prepare a retained earnings statement for the year ended December 31, 20Y6. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 4. Prepare the StockholdersEquity section of the December 31, 20Y6, balance sheet. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Refer to the list of Amount Descriptions provided for the exact wording of the answer choices for text entries.

Amount Descriptions Cash balance, July 31, 20Y6 Cash dividends Change in retained earnings Common stock, $20 stated value (500,000 shares authorized, 399,000 shares issued) Common stock, $20 stated value (500,000 shares authorized, 451,440 shares issued) Common stock, $20 stated value (500,000 shares authorized, 481,440 shares issued) Excess of issue price over stated value For the Year Ended December 31, 20Y6 From sale of treasury stock Net income Net loss Retained earnings, December 31, 20Y6 Retained earnings, January 1, 20Y6 Stock dividends Total Total paid-in capital Total stockholders equity Treasury stock (30,000 shares at cost)

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Account Title & Explanation Debit 8 Date 922-Jan Cash Dividends Payable (399000-22500)*.07 Credit 26,355 Cash 26,355 To record payment of dividend) 12 10-Apr Cash (73000123) Common Stock (73000 20) Paid-In Capital in Excess of Stated Value-Common Stock В 1,679,000 1,460,000 219,000 15 To record issue of common stock) 17 18 6-Jun Cash (22500*26) 585,000 Treasury Stock (22500 17) Paid-In Capital from Sale of Treasury Stock 382,500 202,500 20 21 To record sale of Treasury stock) 23 24 25 26 5-Jul Stock Dividends (399000 +73000)29624 226,560 Stock Dividends Distributable (399000+73000)*2%*20 Paid-In Capital in Excess of Stated Value-Common Stock 188,800 37,760 To record issue of stock dvidend) 8 15-Aug Stock Dividends Distributable 29 30 188,800 Common Stock 188,800 To record issue of common stock dvidend)23-Nov Treasury Stock Cash 32 600,000 600,000 (To record purchase of Treasury stock) 34. 35 36 28-Dec Cash Dividends (399000+73000-30000+9440) *0.09 Cash Dividends Payable 40,630 40,630 To record declaration of dividend) 38 39 40 41 31-Dec Income Summary 1,162,500 Retained Earnings To record issue of common stock) 1,162,500 43 44 31-Dec Retained Earnings 45 46 47 48 267,190 226,560 40,630 Stock Dividends Cash Dividends To record sale of Treasury stock49 50 51 52 53 54 TAccounts Common Stock Paid-In Capital in Excess of Stated Value Common Stock 7,980,000.00 Jan. 1 Balance 360,000 877,800Jan. 1 Balance 19,00010-Apr 1,460,000 188,800 10-Apr 1-Jul 37,760 1-Jul 9,628,800 774,560 57 58 59 60 61 62 Retained Earnin Treasury Stock 31-Dec 267,190 34,554,000 Jan.1 Balance Jan. 1 Bal 31-Dec 23-Nov 382,500 6-Jurn 1,162,500 600,000 35,449,310 600,000 65 Paid-In Capital from Sale of Treasury Stock Stock Dividends Distributable 188,800 67 68 202,500 6-Jun 15-Aug 188,800 5-Jul 70 71 202,500Stock Dividends 226,560 73 Cash Dividends 5-Jul 226,560 1-D28-Dec 40,630 40,630 31-Dec 75 76 78 79 C. Prepare a retained earn93 94 95 96 97 98 MORROW ENTERPRISES INC. Balance Sheet December 31,20Y6 Stockholders Equity Paid in Capital; Common Stock,

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