Alexander Corporation reports the following components of stockholders' equity at December 31, 2018 Connon stock - $25 par value. 60.000 shares authorized 40.000 shares issued and outstanding Paid-in capital in excess of par value. common stock Retained earnings Total stockholders' equity $1,000,000 80.000 375.000 $1.455.000 During the year, the following transactions affected its stockholders' equity accounts Jan. 2 Purchased 4,000 shares of its own stock at $25 cash per share. 7 Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record. Feb. 28 Paid the dividend declared on January 7. July 9 Sold 1.600 of its treasury shares at $30 cash per share. 27 Sold 2.000 of its treasury shares at $20 cash per share. Sept. 9 Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record. 22 Paid the dividend declared on September 9. Dec. 31 Closed the $62,000 credit balance (from net income) in the Income Summary account to Retained Barnings. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the year ended December 31, 2019. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2019. Oct. 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. No Date General Journal Credit Debit 100,000 1 Jan 02 > Treasury stock, common Cash 100,000 14 Required 1 Required 2 Required 3 15 points Prepare journal entries to record each of these transactions. No Date General Journal Debit Credit 1 Jan 02 100,000 Treasury stock, common Cash 100,000 2 Jan 07 Retained earnings Common dividend payable O 54,000 54,000 3 Feb 28 54,000 Common dividend payable Cash 54,000 > 4 Jul 09 Cash 48,000 > Treasury stock, common Paid-in capital, treasury stock OOOOOOOOO 40,000 8,000 5 Aug 27 Cash Paid-in capital, treasury stock Retained earnings Treasury stock, common 40,000 8,000 2,000 50,000 6 Sep 09 79,200 Retained earnings Common dividend payable 79,200 7 Oct 22 Common dividend payable Cash 79,200 79,200 8 Dec 31 Income summary Retained earnings O 62,000 62,000 M Sept. Oct. Dec. Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record. 22 Paid the dividend declared on September 9. 31 Closed the $62.000 credit balance (fron net incone) in the Income Summary account to Retained Earnings. 15 Required: 1. Prepare journal entries to record each of these transactions 2. Prepare a statement of retained earnings for the year ended December 31, 2019. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2019. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a statement of retained earnings for the year ended December 31, 2019. (Amounts to be deducted should be indicated by a minus sign.) ALEXANDER CORPORATION Statement of Retained Earnings For Year Ended December 31 Beginning retained earnings $375,000 Add: Net income 62,000 $ 437,000 Less: Cash dividends declared 54,000 Less: Treasury stock reissuances 79,200 Ending retained earnings $ 570,200 Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the year ended December 31, 2019. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2019. 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 company's balance sheet as of December 31, 2019. (Amounts to be deducted should be indicated by a minus sign.) ALEXANDER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Common stock - $25 par value $ 1,000,000 Paid-in capital in excess of par value, common stock 100,000 X Retained earnings Less: Cost of treasury stock Total stockholders' equity $ 1,100,000 X OOOO Prev 14 H No
