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, 39,000 shares issued and outstanding	$ 975,000
Paid-in capital in excess of par value, common stock	78,000
Retained earnings	371,000
Total stockholders' equity	$ 1,424,000

During the current year, the following transactions affected its stockholders' equity accounts.

January 2	Purchased 3,900 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 1,560 of its treasury shares at $30 cash per share.
August 27	Sold 1,950 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 $61,000 credit balance (from net income) in the Income Summary account to Retained Earnings.

Required:

1.  create a journal entry to record each of these transactions.

2. create a statement of retained earnings for the current year ended December 31.

3. create the stockholders' equity section of the balance sheet as of December 31 of the current year.