Common stock-$20 par value, 100,000 shares authorized, 60,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $1,200,000 80,000 460,000 $ 1,740,000 In year 2012, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 5,000 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $6 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5 July 6 Sold 1,875 of its treasury shares at $24 cash per share. Aug 22 Sold 3,125 of its treasury shares at $17 cosh per share. Sept. 5 Directors declared a $6 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 $388,000 credit balance (from net income) in the Income 13 2. Prepare a statement of retained earnings for the year ended December 31, 2012, (Amounts to be deducted should be indicated by a minus sign. Omit the "S" sign in your response.) CONTEXT CORPORATION Statement of Retained Earnings For Year Ended December 31, 2012 Retained earnings, Dec 31, 2011 $ 460000 Add: Net income 388000 Less: Cash dividends declared Less: Treasury stock reissuances 848000 690000 1875 Retained earnings, Dec 31, 2012 $ 1436125 Required information CONTEXT CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2012 Common stock $ 1200000 Contributed capital in excess of par value, common stock 80000 Total contributed capital Retained earnings 1280000 156125 Total stockholders' equity $ 1436125