ces Alexander Corporation reports the following components of stockholders' equity at December 31, 2019. Common stock-$25 par value, 70,000 shares authorized, 42,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $1,050,000 84,000 382,000 $1,516,000 During 2020, the following transactions affected its stockholders' equity accounts Jan. gan. 2 Purchased 4,200 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 stockholders of record. Feb. 28 Paid the dividend declared on January 7. July 9 Sold 1,680 of its treasury shares at $30 cash per share. Aug. 27 Sold 2,100 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 9.1 Dec. 31 Closed the $64,000 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. Prepare a statement of retained earnings for the year ended December 31, 2020. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2020