Alexander Corporation reports the following components of stockholders equity on December 31, 2015: Common stock$25 par value, 60,000 shares authorized, 38,000 shares issued and outstanding $ 950,000 Paid-in capital in excess of par value, common stock 76,000 Retained earnings 368,000 Total stockholders equity $ 1,394,000 In year 2016, the following transactions affected its stockholders equity accounts. Jan. 2 Purchased 3,800 shares of its own stock at $25 cash per share. Jan. 7 Directors declared a $1.50 per share cash dividend payable on Feb. 28 to the Feb. 9 stockholders of record. Feb. 28 Paid the dividend declared on January 7. July 9 Sold 1,520 of its treasury shares at $30 cash per share. Aug. 27 Sold 1,900 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 $60,000 credit balance (from net income) in the Income Summary account to Retained Earnings.

1.Prepare journal entries to record each of these transactions for 2016

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2.Prepare a statement of retained earnings for the year ended December 31, 2016. (Amounts to be deducted should be indicated by a minus sign.) 3.Prepare the stockholders equity section of the companys balance sheet as of December 31, 2016.(Amounts to be deducted should be indicated by a minus sign.)