Alexander Corporation reports the following components of stockholders' equity on December 31, 2016: Common stock-$25 par value, 70,000 shares authorized, 41,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $1,025,000 82,000 378,000 $1,485,000 In year 2017, the following transactions affected its stockholders' equity accounts Jan. Jan. 2 Purchased 4,100 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 1,640 of its treasury shares at $30 cash per share. Aug. 27 Sold 2,050 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 Oct. 22 Paid the dividend declared on September 9. Dec. 31 Closed the $63,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required 1. Prepare journal entries to record each of these transactions for 2017 2. Prepare a statement of retained earnings for the year ended December 31, 2017. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017