Common stock-$15 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 825, cee 80,000 430,000 1,335,000 $ In year 2017, the following transactions affected its stockholders' equity accounts. Jan. 1Purchased 6,000 shares of its own stock at $20 cash per share. Jan. Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 2,250 of its treasury shares at $24 cash per share. Aug. 22 Sold 3,750 of its treasury shares at $17 cash per share. Sept. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $428,000 credit balance (from net income) in the Income Sunmary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions for 2017 2. Prepare a statement of retained earnings for the year ended December 31, 2017 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions for 2017. View transaction list Journal entry worksheet 1 2 3 4 5 6 7 Record the entry to close the income summary account having a credit balance of $428,000