Alexander Corporation reports the following components of stockholders' equity on December 31, 2016: Common stock-$25 par value, 70,000 shares authorized, 49,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $1,225,000 98,000 406,000 $1,729,000 In year 2017, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 4,900 shares of its own stock at $25 cash per share. Jan. 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 1,960 of its treasury shares at $30 cash per share. Aug 27 Sold 2,450 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 $71,000 credit balance (from net income) in the Income Sunary 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. Prepare journal entries to record each of these transactions for 2017. View transaction list Journal entry worksheet Record the purchase 4,900 shares of its own common stock for $25 cash per share. Note: Enter debits before credits. Date General Journal Debit Credit Jan 02 Record entry Clear entry View general journal View transacul IISI Journal entry worksheet 2 3 4 5 6 7 8 Record the declaration of a cash dividend of $1.50 per share. Note: Enter debits before credits. Date General Journal Debit Credit Jan 07 Record entry Clear entry View general journal aw Journal entry worksheet 4 #YU. 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 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, 2017. (Amounts to be deducted should be indicated by a minus sign.) ALEXANDER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Total stockholders' equity
