Austin Company reports the following components of stockholders' equity at December 31, 2019 Common stock-$10 par value, 110,000 shares authorized 40,000 shares issued and outstanding Paid in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 400.000 60,000 330.000 $ 790,000 During 2020, the following transactions affected its stockholders' equity accounts: Jan. 2 Purchased 4,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record Tab. 28 Paid the dividend declared on January 5. July 6 Sold 1,500 of its treasury shares at $27 cash per share. Aug- 22 Sold 2.500 of its treasury shares at $20 cash per share. Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record Oct. 28 Paid the dividend declared on September 5. Dec 31 Closed the $497.000 credit balance from net income in the Income Summary account to retained Earnings Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity Dates: Jan 01 to: Dec 31 General Ledger Account Cash No. Date Jan 01 Debit Credit Balance Accounts receivable Debit Credit No. Date 430,000 Jan 01 Balance 184,000 Equipment Debit No. Date Credit Balance 740,000 Jan 01 Accumulated depreciation Equipment Date Debit Credit Jan 01 No Balance 67,000 Common stock Debit Credit No. Date Jan 01 Pald-in capital, Common Debit Credit Balance 400,000 No. Date Jan 01 Balance 60,000 Retained earnings Debit Credit No. Date Jan 01 Income summary Debit Credit No. Balance 330,000 Date Jan 01 Balance (497,000)