5 1.5 points eBook References Common stock-$20 par value, 100, 000 shares authorized, 45, 000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $15 cash per share. January 5 February 28 July 6 August 22 September 5 $ 900,000 80,000 400,000 $ 1,380,000 Directors declared a $6 per share cash dividend payable on February 28 to the February 5 stockholders of record. Paid the dividend declared on January 5. Sold 2,500 of its treasury shares at $19 cash per share. Sold 2,500 of its treasury shares at $11 cash per share. Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $408,000 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 current year ended December 31. 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year.

Conton stock-520 par value, 100,000, shares authorized, $5,000 shares issued ahd outstanding Paid-in capiral in excess of par value, conen stock Retained earningas Total stockholders' equity During the curtent yeac, the following transactions affected its stocholders equity accounts Jahuary 2 Purchased s,000 shares of its own stock at 515 cash per share. trecenta. fobruary 2l Fald the dividend deciared an dasuary of Augest 22 Solif 2,500 of its treasury shares at 511 eash per share. of records. Qcteber 2ll paid the dividead declared on septumber 3 . Required: 1. Prepare journal entries to record each of these transactions 2. Prepare a statement of retained eamings for the current year ended December 31 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the curtent year