Chapter 13 Accounting for Corporations 483 Alex Corporation reports the following components of stexckholders' equity at December 31 of the prior year. Exercise 13-24 Common stock-$25 per value, 50,000 stuntes authorized, 30,000 shares tested and outstanding ... $750,000 Paid-in capital in excess of par value,common stock 50,000 Retained earnings Total stockholders' equity Cash dividends, treasury stock, and statement of retained earnings c P2 P3 340.000 $1.140.000 During the current year, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 3.000 shares of its own stock at $25 cash per sture, Jan. 7 Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record, Fels. 28 Paid the dividend declared on January 7 July 9 Sold 1,200) of its treasury shares at $30 cash per share. Aug.27 Sold 1,500 of its treasury shares at $21 cash per share. Sep. 9 Directors declared a s2 per share cash dividend payable on October 22 to the September 23 stockholders of record Oct. 22 Puid the dividend doclared on September 9. Dec 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. 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