Morrow Enterprises Inc. manufactures bathroom fixtures. Morrow Enterprises’ stockholders’ equity accounts, with balances on January 1, 20Y6, are as follows:Common Stock, $10 stated value (400,000 shares authorized, 260,000 shares issued) $2,600,000Paid-In Capital in Excess of Stated Value-Common Stock 500,000Retained Earnings 5,900,000Treasury Stock (26,000 shares, at cost) 364,000
The following selected transactions occurred during the year:

Jan. 22. Paid cash dividends of $0.12 per share on the common stock. The dividend had been properly recorded when declared on December 1 of the preceding fiscal year for $28,080.
Apr. 10. Issued 50,000 shares of common stock for $800,000.
June 6. Sold all of the treasury stock for $442,000.
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 16,000 shares of treasury stock for $304,000.
Dec. 28. Declared a $0.15-per-share dividend on common stock.
Dec. 31. Closed the credit balance of the income summary account, $6,136,000. Closed the two dividends accounts to Retained Earnings.

Record the January 1 balances in T accounts. Record the above transactions in T accounts and provide the December 31 balance where appropriate. If required, round to one decimal place.