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, 48,000 shares issued and outstanding $ 1,200,000 paid-in capital in excess of par value, common stock 96,000 Retained earnings 403,000 Total stockholders' equity $1,699,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,800 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 1,920 of its treasury shares at $30 cash per share. August 27 Sold 2,400 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 $70,000 credit balance (from net income in the 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. Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions View transaction that View journal entry worksheet No Dato General Journal Dobit Credit 1 January 02 Cash