6.

Alexander Corporation reports the following components of stockholders' equity on December 31, 2015: Common stock-$25 par value, 60,000 shares authorized, 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 875,000 70,000 357,000 Total stockholders' equity $1,302,000 In year 2016, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 3,500 shares of its own stock at $25 cash per share. Jan. 7 Directors declared a $1.50 per share cash dividend payable on Feb. 28 to the Feb. 9 stockholders of record. Feb. 28 Paid the dividend declared on January 7. July 9 Sold 1,400 of its treasury shares at $30 cash per share. 27 Aug. Sold 1,750 of its treasury shares at $20 cash per share. Sept. 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 $57,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions for 2016. View transaction list Journal entry worksheet