Alexander Corporation reports the following components of stockholders' equity on December 31, 2016 Connon stock-$25 par value, 40,000 shares authorised, 39,000 shares issued and outstanding Paid-in capital in excess of par valve, common stock Betained earnings Total stockholders' equity $975,000 70.000 371,000 $1,424,000 In year 2017, the following transactions affected its stockholders' equity accounts Jan. Jan. 2 Purchased 3,900 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 3 stockholders of record. 28 Paid the dividend declared on January 1. Feb. July 9 Sold 1,540 of its treasury shares at $30 cash per share. Aug. Sept. 27 Bold 1,950 of its treasury shares at 820 cash per share. Directors declared $2 per share cash dividend payable on October 22 to the September 23 stockholders of record. Oct. 22 Paid the dividend declared on September 1. Dec. 31 Closed the 361,000 credit balance from net income) is 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. Answer is complete but not entirely correct. 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 for 2017. NO Date General Journal T Jan 02 Treasury stock, common Cash 2 Jan 07 Common stock dividend distributable Common dividend payable 3 Feb20 Common dividend payable Cash Paid-in capital breasury slock Treasury stock, common 4 3409 Cash B Aug 27 Cast Sep 09 7 Oct 22 Paid-in capital, treasury stock Retained earnings Treasury sack, comm Cannon stock dividend distributable Common dividend payable Income summary Common stack @vidend distributable Dec 31 Retained earnings 0000 Debit Credi $7,500 O 97.500 52.000 52,450 O 52.850 $2,000 000000000 40.000 7,000 38.000 O 30.000 O 7,800 1950 O 00 00 40.750 77,220 O 77220 61.000 O 61,000 O 129.870 O 129.470 O 00