Common stock-\$20 par value, 100,000 shares authorized, 55,000 shares issued and outstanding Paid-in capital in excess of par value, comon stock Retained earnings Total stackholders' equity \$ 1,100,030 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 6,000 shares of its own stock at $25 cash per share. January 5 Directors declared a $4 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 Sald 3,000 of its treasury shares at $29 cash per share. Augast 22 sold 3,008 of its treasury shares at $21 cash per share. Septenber 5 Directors declared a sa per share cash dividend payable on octaber 28 to the Septenber 25 stockholders of record. october 28 paid the dividend declared on Septenber 5 . Decenbee 31 Closed the \$40s, 000 credit balance (from net incone) in the Incone sumeary account to Metained 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 balance sheet as of December 31 of the current year. Prepare journal entries to record each of these transactions. Journal entry worksheet Record the purchase of 6,000 shares of its own common stock for $25 cash per share. Note: Enter debits before credits. Prepare a statement of retained earnings for the current year ended December 31 . (Amounts to be deducted should be indicated by a minus sign.) Complete this question by entering your answers in the tabs below. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year