Chiefs Corporation reports the following components of stockholders equity at December 31, 2017.

Common stock$25 par value, 70,000 shares authorized, 50,000 shares issued and outstanding $1,250,000

Paid-in capital in excess of par value, common stock 100,000

Retained earnings 410,000

Total stockholders equity $1,760,000

During the year, the following transactions affected its stockholders equity accounts.

Jan. 2 Purchased 6,000 shares of its own stock at $30 cash per share.

Jan. 7 Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record.

Feb. 28 Paid the dividend declared on January 7.

July 9 Sold 2,000 of its treasury shares at $28 cash per share.

Required:

1. Prepare journal entries to record each of these transactions- Record the entries below.

2. What is the ending balance in retained earnings for the year ended December 31, 2018 3. What is the ending issued and outstanding shares (2 different numbers)? 3pts.