Common stock$-$ $$20$ par value, $100,000$ shares authorized, $55,000$ shares issued and outstanding Paid$-$in capital in excess of par value, common stock Retained earnings

Total stockholders' equity

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

January $2$ Purchased $5,000$ shares of its own stock at $$20$ cash per share.

January $5$ Directors declared a $$6$ 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 $$24$ cash per share.

August $22$ Sold $2,500$ of its treasury shares at $$16$ cash per share.

September $5$ Directors declared a $$6$ 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 $$388,000$ credit balance $($from net income$)$ in the Income Summary account to Retained Earnings.

Required:

Prepare journal entries to record each of these transactions.

Prepare a statement of retained earnings for the current year ended December $31.$

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 $1$

Prepare journal entries to record each of these transactions.

View transaction list

View journal entry worksheet

$\backslash$table$[[,$No$,$Date,General Journal,Debit,Credit$],[7,1,$January $02,$Treasury stock, Common,$100,000,],[,,,$Cash,,$100,000]]$

$19$ of $22$