A company reports the following information on January 1, 2020. Common Stock - $10 par value, 100,000 shares authorized, 60000 shares issued Paid in capital in excess of par value Retained Earnings Total Stockholders' equity 600,000 50,000 400,000 $1,050,000 During the year, the following transactions took place: Jan 2 Purchased 2,000 shares of its own stock at $25 cash per share. Jan 10 The Directors declared a $1.50 per share cash dividend payable on Feb28, to stockholders of record on Feb 15, Feb. 28 Paid the dividend declared on January 10. Julyo Sold 1,000 of its own shares at $35 cash per share. Aug, 20 sold 900 of its treasury stocks for $20 per cash share, Sept. 10 The directors declared a $2.50 per share cash dividend payable on October 30 to the September 20 stockholders of record, Oct. 30 Paid the dividend declared on Sept. 10. Dec 31 Closed the $65,000 credit balance in the Income Summary account to Retained Earnings. Required Prepare journal entries to record each of these transactions