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\mathrm{.}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:

Prepare journal entries to record each of these transactions.

Prepare a statement of retained earnings for the current year ended December $31.$

Prepare the stockholders$$ equity section of the balance sheet as of December $31$ of the current year.

Record the purchase of $3,900$ shares of its own common stock for $$25$ cash per share.

Record the declaration of a cash dividend of $$1\mathrm{.}50$ per share.

Record the payment of the cash dividend declared on January $7.$

Record the reissue of $1,560$ shares of the treasury stock for $$30$ cash per share.

Record the reissue of $1,950$ shares of the treasury stock for $$21$ cash per share.

Record the declaration of a cash dividend of $$2$ per share.

Record the payment of the cash dividend declared on September $9.$

Record the entry to close the $$61,000$ credit balance $($from net income$)$ in the Income Summary account to Retained Earnings.

Prepare a statement of retained earnings for the current year ended December $31.$

Note: Amounts to be deducted should be indicated by a minus sign. Prepare the stockholders' equity section of the balance sheet as of December $31$ of the current year.

Note: Amounts to be deducted should be indicated by a minus sign.