Common stock- $20 par value, 100,000 shares authorized, 50,000 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 $25 cash per share. January 5 Directors declared a $6 per share cash dividend payable on February 28 to the February 5 5tockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,500 of its treasury shares at $29 cash per share. August 22 Sold 2,500 of its treasury shares at $21 cash per share. September 5 Directors declared a 56 per share cash dividend payable on october 28 to the September. 25. stockholders of record. October 28 Paid the dividend declared on September 5. Deceeber 31 Closed the 5408,000 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 baiance sheet as of December 31 of the current year. ion reports the following components of stockholders' equity at December 31 of the prior year. int year, the following transactions affected its stockholders' equity accounts. urchased 5,600 shares of its own stock at $25 cash per share. irectors declared a 56 per share cash dividend payable on February 28 to the February 5 tockholders of record. aid the dividend declared on January 5. old 2,500 of its treasury shares at $29 cash per share. old 2,500 of its treasury shares at $21 cash per share. irectors dectared a $6 per share cash dividend payable on 0ctober 28 to the September 25 tockholders of record. aid the dividend declared on September 5. losed the $408,000 credit balance (from net income) in the Income Sunmary account to etained Earnings. al entries to record each of these transactions: tement of retained earnings for the current year ended December 31 , tockholders' equity section of the balance sheet as of December 31 of the current year