Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$25 par value, 50,000 shares authorized, 30,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $750,000 50,000 340,000 $ 1,140,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 3,000 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 stock February 28 Paid the dividend declared on January 7. July 9 Sold 1,200 of its treasury shares at $30 cash per share. August 27 Sold 1,500 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 stockhol October 22 Paid the dividend declared on September 9. December 31 Closed the $52,000 credit balance (from net income) in the Income Summary account to Retained Earr 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. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. (Amounts to be dec should be indicated by a minus sign.) ALEX CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Common stock - $25 par value Paid-in capital in excess of par value, common stock Retained earnings Less: Cost of treasury stock Total stockholders' equity $ 0 Alex Corporation reports the following components of stockholders equity at December 31 of the prior year Common stock-$25 par value, 50,000 shares authorized, 30,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 750 leeg 50 800 3401eae $ 1140pesa During the current year, the following transactions affected its stockholders" ecuity accounts. January 2 Purchased 3,000 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 stockho February 28 Paid the dividend declared on January 7. July 9 Sold 1,200 of its treasury shares at $30 cash per share. August 27 Sold 1,500 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 stocknold October 22 Paid the dividend declared on September 9 December 31 Closed the $52,000 credit balance (from net income) in the Income Summary account to Retained Earni 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. * Answer is not complete. 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. Date Debit General Joumal @redit No 1 January 02 75,000 Treasury stock, common Oash 75.000 2 January 07 40.500 Retained earnings Common dividend payable 401500W 3 February 28 40 500 Common dividend payable Cash 40,500 4 July 09 Cash 36.000 Treasury stock, common Paid-in capital, treasury stock 30.000 6.000 5 August 27 Cash Paid-in capital, treasury stock Treasury stock, common 31,500 6,000 37.500 6 September 09 Retained earnings O Common dividend payable 7 October 22 Common dividend payable Cash 8 December 31 52,000 Income summary Retained earnings 52,000