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Business, 02.08.2021 20:50 25linm

Nav-Go Enterprises Inc. produces aeronautical navigation equipment. Navo-Go Enterprises' stockholders' equity accounts, with balances on January 1, 20Y1, are as follows: Common Stock, $5 stated value (900,000 shares authorized, 620,000 shares issued) $3,100,000
Paid-In Capital in Excess of Stated Value—Common Stock 1,240,000
Retained Earnings 4,875,000
Treasury Stock (48,000 shares, at cost) 288,000

The following selected transactions occurred during the year:

Jan. 15.Paid cash dividends of $0.06 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $34,320.
Mar. 15.Sold all of the treasury stock for $6.75 per share.
Apr. 13. Issued 200,000 shares of common stock for $8 per share.
June 14. Declared a 3% stock dividend on common stock, to be capitalized at the market price of the stock, which is $7.50 per share.
July 16. Issued stock for stock dividend declared on June 14.
Oct. 30. Purchased 50,000 shares of treasury stock for $6 per share.
Dec. 30. Declared an $0.08-per-share dividend on common stock.
31. Closed the credit balance of the income summary account, $775,000.
31. Closed the two dividends accounts to Retained Earnings.

Required:
Journalize the to record the transactions, and post to the eight selected accounts.

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