alex corp. common stock journal entries

Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year Common stock-$25 par valge. 50,000 shares authorized, 30,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholdere equity $ 750,000 50,000 340,000 $ 1,140,000 + ces During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 3,000 shares of Its own stock at $25 cash per share. January 7 Directors declared a $1.50 per share cash dividend payable on February 28 to the Pebruary 9 stockholders of record. February 20 Paid the dividend declared on January 7. July 9 Sold 1,200 of its treasury shares at $30 cash per share. August 27 Sold 1,500 of its treasury shares at $21 cash per share. September 9 Directors declared $2 per share cash dividend payable on October 22 to the September 23 stockholders of record. October 22 Paid the dividend deelared on September 9. December 31 closed the $52,000 credit balance (from net income) in the Income Sumary account to Retained Earninge. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3