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 Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. $ 500,000 75,000 410,000 $ 985,000 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 $270,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement Answer is not complete. General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary journal entries. If no journal entry is required, select "No journal entry required" in the first input box. No 1 Date January 02 Account Title Treasury stock, Common Cash Debit Credit 115,000 115,000 2 January 05 Retained earnings Common dividend payable 90,000 90,000 3 February 28 Common dividend payable 90,000 Cash 90,000 4 July 06 Cash 51,300 Treasury stock, Common Paid-in capital, Treasury stock 43,700 x 7,600 5 August 22 Cash 62,000 Paid-in capital, Treasury stock 7,600 x Retained earnings 1,700 x Treasury stock, Common 71,300 6 September 05 Retained earnings 100,000 Common dividend payable 100,000 7 October 28 Common dividend payable 100,000 Cash 100,000 8 December 31 Income summary Retained earnings 417,500 x 417 500