Alex Corporation reports the following components of stockholders equity at December 31 of the prior year.

Common stock$25 par value, 50,000 shares authorized, 30,000 shares issued and outstanding	$ 750,000
Paid-in capital in excess of par value, common stock	50,000
Retained earnings	340,000
Total stockholders equity	$ 1,140,000

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 February 9 stockholders of record.
February 28	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 a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record.
October 22	Paid the dividend declared on September 9.
December 31	Closed the $52,000 credit balance (from net income) in the Income Summary account to Retained Earnings.

Required: Prepare journal entries to record each of these transactions.

Explain your answer.