Austin Company reports the following components of stockholders' equity on January 1. 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 the year, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. July Aug. Sept. 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. 28 Paid the dividend declared on January 5. 6 Sold 1,500 of its treasury shares at $27 cash per share. 22 Sold 2,500 of its treasury shares at $20 cash per share. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 Closed the $497,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec. General Journal General Requirement Trial Balance Statement of RE Stockholders Equity Impact on Equity Ledger General Journal tab - Prepare the necessary journal entries. Statement of Retained Earnings tab - Prepare the Statement of Retained Earnings for the Austin Corporation for the year ended December 31. Stockholders' Equity tab - Prepare the Stockholders' equity section of Austin Corporation's December 31 balance sheet. Impact on Equity tab - For each transaction, indicate the total change in Stockholders' Equity, If any. Verify that total equity, as calculated, agrees with the amount reported on the Stockholders' Equity tab. Jan. Jan. Feb. July Aug. Sept. 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 5s record. 28 Paid the dividend declared on January 5. 6 Sold 1,500 of its treasury shares at $27 cash per share. 22 Sold 2,500 of its treasury shares at $20 cash per share. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 record. 28 Paid the dividend declared on September 5. 31 closed the $497,000 credit balance (from net income) in the Income Summary account to Reta. Oct. Dec. Requirement General Journal General Ledger Trial Balance State Stockholders Equity Impact on Equity Prepare the Statement of Retained Earnings for Austin Corporation for the year ended December 31. AUSTIN CORPORATION Statement of Retained Earnings For Year Ended December 31 During the year, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. July Aug Sept. 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 stockho record. 28 Paid the dividend declared on January 5. 6 Sold 1,500 of its treasury shares at $27 cash per share. 22 Sold 2,500 of its treasury shares at $20 cash per share. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockh record. 28 Paid the dividend declared on September 5. 31 closed the $497,000 credit balance (from net income) in the Income Summary account to Retained E Oct. Dec. Requirement General Journal Trial Balance Statement of Thal balance Ledger RE Stockholders Equity Impact on Equity Prepare the stockholders' equity section of Austin Corporation's balance sheet as of December 31. Dates: Jan 01 to: Dec 31 AUSTIN CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Total contributed capital Total stockholders' equity Requirement General Journal General Ledger Trial Balance Statement of RE Stockholders Equity Impact on Equity For each transaction, indicate the impact on total stockholders' equity. Enter decreases to equity as negative values. Verify that total Stockholders' equity as of December 31, as calculate balance sheet. Dates: Jan 01 to: Dec 31 Impact on equity Total Stockholders' Equity - January 1 Jan. 2) Purchased 4,000 shares of its own stock at $23 cash per share. Jan. 5) Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Feb. 28) Paid the dividend declared on January 5. Jul. 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. Sep. 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 Dec. 31) Closed the $497,000 credit balance (from net income) in the Income Summary account to Retained Earnings