Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year. During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,80e shares of its own stock at $25 cash per share. January 7 Directors dectared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of February 28 Paid the dividend dectared on January 7. July 9 Sold 1,920 of its treasury shares at $30 cash per share. August 27 Sold 2,400 of its treasury shares at $21 cash per share. Septenber 5 Directors dectared a $2 per share cash dividend payable on october 22 to the 5 ptenber 23 stockholders of 0ctober 22 Paid the dividend declared on Septenber 9 . Decenber 31 closed the $70,000 credit batance (from net incone) in the Incone sumnary 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. Prepare a statement of retained earnings for the current year ended December 31. (Amounts to be deducte indicated by a minus sign.) Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. should be indicated by a minus sign.)