Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$25 par value, 60,000 shares authorized, 38,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 950,000 76,000 368,000 $ 1,394,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 3,800 shares of its own stock at $25 cash per share. Directors declared a $1.50 per share cash dividend payable on February, 28 to the February 9 stockholders of record. Paid the dividend declared on January 7. Sold 1,520 of its treasury shares at $30 cash per share. Sold 1,900 of its treasury shares at $21 cash per share. Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record. January 7 February 28 July 9 August 27 September 9 October 22 Paid the dividend declared on September 9. December 31 Closed the $60,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions. 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.

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 3,000 ahares of fta own stock at $25 cas per share. rebruary 28 Paid the dividend deelared on January? July 9 Sold 1,520 of itil treanury mhares at 630 canh per ohare. Auguat. 27 Sold ,900 of ita treanury sharea at $21 cash per ahare. oetober 22 pald the dividend declared on September 9. Docember 31 Cloned the $60,000 eredit bainace (froe net incane) in the Incono sunnary hocount to Retained liarnings. 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