Alexander Corporation reports the following components of stockholders’ equity at December 31, 2019.

Common stock—$25 par value, 50,000 shares authorized, 

30,000 shares issued and outstanding . . ..............................................     $ 750,000
Paid-in capital in excess of par value, common stock . . . . . . . . . . . . ..........  50,000
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  .   340,000
Total stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  .   $1,140,000

During 2020, the following transactions affected its stockholders’ equity accounts.

Jan. 2 Purchased 3,000 shares of its own stock at $25 cash per share.

Jan. 7 Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record.

Feb. 28 Paid the dividend declared on January 7.

July 9 Sold 1,200 of its treasury shares at $30 cash per share.

Aug. 27 Sold 1,500 of its treasury shares at $20 cash per share.

Sep. 9 Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record.

Oct. 22 Paid the dividend declared on September 9.

Dec. 31 Closed the $52,000 credit balance (from net income) in the Income Summary account to Retained Earnings.

Required

1. Prepare journal entries to record each of these transactions.

2. Prepare a statement of retained earnings for the year ended December 31, 2020.

3. Prepare the stockholders’ equity section of the company’s balance sheet as of December 31, 2020.