Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate comple GL1101 (Algo) - Based on Problem 11-2A LO C3, P2, P3 Upperchurch Corporation reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 130,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock $ 500,000 75,000 410,000 $ 985,000 Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,500 of its treasury shares at $27 cash per share. August 22 Sold 2,500 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $214,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Answer is not complete. Requirement General Journal General Ledger Trial Balance Statement of RE Stockholders Equity Impact on Equity During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary journal entries. If no journal entry ic ronuired select "No inurnal entry required" in the first innut hov < Prev 2 of 2 Next >>