Cash dividends, treasury stock, and statement of retained earnings man The Company's stockholders' equity at December 31 of the prior year. 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 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 3,000 shares of its own stock at $25 cash per share. January 7 February 28 July 9 August 27 September 9 Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record. Paid the dividend declared on January 7. Sold 1,200 of its treasury shares at $30 cash per share.. Sold 1,500 of its treasury shares at $21 cash per share. Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record.. October 22 Paid the dividend declared on September 9.1 December 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. 2. What is the ending amount in retained earnings on December 31? Show your calculations/ 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year in the box below.