Entries for Selected Corporate Transactions Morrow Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Morrow Enterprises Inc., with balances on January 1, 20Y5, are as follows: Common Stock, $10 stated value (500,000 shares authorized, 320,000 shares issued) $3,200,000 Paid-In Capital in Excess of Stated Value-Common Stock 600,000 Retained Earnings 7,260,000 Treasury Stock (32,000 shares, at cost) 448,000 The following selected transactions occurred during the year: Jan. 22. Paid cash dividends of $0.13 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $37,440. Apr. 10. Issued 60,000 shares of common stock for $960,000. June 6. Sold all of the treasury stock for $544,000. July 5. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $18 per share. Aug. 15. Issued the certificates for the dividend declared on July 5. Nov. 23. Purchased 20,000 shares of treasury stock for $380,000. Dec. 28. Declared a $0.16-per-share dividend on common stock. 31. Closed the credit balance of the income summary account, $7,550,000. 31. Closed the two dividends accounts to Retained Earnings.