Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$25 par value, 70,000 shares authorized, 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 1,125,000 90,000 392,000 $ 1,607,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,500 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 August 27 September 9 October 22 Sold 1,800 of its treasury shares at $30 cash per share. Sold 2,250 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. Paid the dividend declared on September 9. December 31 Closed the $67,000 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. Complete this question by entering your answers in the tabs below. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 January 02 Treasury stock, common Cash k 2 January 07 Retained earnings Common dividend payable 3 February 28 Common dividend payable Cash 4 July 09 Cash ces Treasury stock, common Paid-in capital, treasury stock 5 August 27 Cash Paid-in capital, treasury stock Treasury stock, common 6 September 09 Retained earnings Common dividend payable 7 October 22 Common dividend payable Cash 00 8 December 31 Income summary Retained earnings < Required 1 Required 2 > Prepare a statement of retained earnings for the current year ended December 31. (Amounts to be deducted should be indicated by a minus sign.) ALEX CORPORATION Statement of Retained Earnings For Current Year Ended December 31 Retained earnings, December 31, prior year Plus net loss Less cash dividends declared Retained earnings, December 31, current year $ 0 < Required 1 Required 3 > Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. (Amounts to be deducted should be indicated by a minus sign.) ALEX CORPORATION Stockholders' Equity Section of the Balance Sheet Common stock $25 par value December 31 Paid-in capital in excess of par value, common stock Retained earnings Less: Cost of treasury stock Total stockholders' equity $ 0