ces Exercise 13-24 (Algo) Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$25 par value, 60,000 shares authorized, 39,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings $ 975,000 78,000 371,000 Total stockholders' equity $ 1,424,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 3,900 shares of its own stock at $25 cash per share. January 7 February 28 July 9 August 27 September 9 October 22 December 31 Required: 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 1,560 of its treasury shares at $30 cash per share. Sold 1,950 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. Paid the dividend declared on September 9. Closed the $61,000 credit balance (from net income) in the Income Summary account to Retained Earnings. 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31. 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions. View fransaction st Journal entry worksheet Prev 8 bf 12 Next > 4