2 points 03:00:32 Exercise 11-24 (Algo) Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$25 par value, 70,000 shares authorized, 43,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Skipped Total stockholders' equity eBook Hint Ask References $ 1,075,000 86,000. 385,000 $ 1,546,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,300 shares of its own stock at $25 cash per share... January 7 February 28 July August 27 September 9 October 22 December 31 Required: Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record. Paid the dividend declared on January 7.1 Sold 1,720 of its treasury shares at $30 cash per share. Sold 2,150 of its treasury shares at $21 cash per share. Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record. Paid the dividend declared on September 9.1 Closed the $65,000 credit balance (from net income) in the Income Summary account to Retained Earnings. 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31. 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Prepare our Cruica LCLUIU CUCI ULICA Lunati View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the purchase of 4,300 shares of its own common stock for $25 cash per share. Note: Enter debits before credits. Date January 02 General Journal Debit Credit > Record entry Clear entry View general journal Q Search riepure journal CHUIES LU TELUIU COLII U CHOC Larouctions. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the declaration of a cash dividend of $1.50 per share. Note: Enter debits before credits. Date January 07 General Journal Debit Credit View general journal Record entry Clear entry < Prev 6 of 6 2 M risport juunior enLED LUICLUIU CULI VILE LULLIVES. View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the payment of the cash dividend declared on January 7. Note: Enter debits before credits. Date February 28 L General Journal Debit Credit View general journal Record entry Clear entry < Prev 6 of 6 View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the reissue of 1,720 shares of the treasury stock for $30 cash per share. Note: Enter debits before credits. Date July 09 General Journal Debit Credit View general journal Record entry Clear entry < Prev 6 of 6 Ne risport journai CCS UICLUIU CULIT ULICS CONSULTIVIS View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the reissue of 2,150 shares of the treasury stock for $21 cash per share. Note: Enter debits before credits. Date August 27 General Journal Debit Credit Record entry Clear entry View general journal Search T < Prev 6 of 6 Nex Wi View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the declaration of a cash dividend of $2 per share. Note: Enter debits before credits. Date September 09 Saved General Journal Debit Credit Record entry Clear entry View general journal < Prev 6 of 6 Next risport jour CHICS LIELUM CULIT UI cita uunattuna View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the payment of the cash dividend declared on September 9. Note: Enter debits before credits. Date October 22 General Journal Debit Credit Record entry Clear entry View general journal < Prev 6 of 6 Next Prepare jounion enuIES UTELUIU CULI VILICE CONDUCLID View transaction list Journal entry worksheet < 1 2 3 4 5 6 7 8 Record the entry to close the $65,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal < Prev 6 of 6 Next