Alexander Corporation reports the following components of stockholders' equity on December 31, 2017 Common stock-$25 par value, 50,000 shares authorized, 34,000 shares issued and outstanding Paid-in capital in excess of par value, common stock $ 850,000 68,000 354,000 Retained earnings Total stockholders equity $1,272,000 In year 2018, the following transactions affected its stockholders' equity accounts Jan. Jan. 2 Purchased 3,400 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 1,360 of its treasury shares at $30 cash per share. Aug. 27 sold 1,700 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 556,000 credit balance (from net income) in the Income Summary account to Retained Earninge. Required: 1. Prepare journal entries to record each of these transactions for 2018. 2. Prepare a statement of retained earnings for the year ended December 31, 2018. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2018