Alexander Corporation reports the following components of stockholders' equity on December 31, 2016: Cash dividends, treasury stock, and statement of retained earnings C3 P2 P3 Common stock-$25 par value, 50.000 shares authorized 30,000 shares issued and outstanding .......... Paid-in capital in excess of par value, common stock .... Retained earnings ............ Total stockholders' equity ............. $ 750,000 50,000 340,000 $1.140.000 In year 2017, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 3.000 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 1.200 of its treasury shares at $30 cash per share. Aug. 27 Sold 1.500 of its treasury shares at $20 cash per share. Sep. 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 $52,000 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