Common stock-$25 par value, 180,00 shares authorized, 50,000 shares issued and outstanding Pald-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $1,250,000 70,000 460,000 $1,780,000 During 2019, the following transactions affected its stockholders equity accounts, Jan 2 Purchased 4,500 shares of its own stock at $15 cash per share. Jan soirectors declared a $6 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 1,688 of its treasury shares at $19 cash per share. Aug 22 Sold 2,812 of its treasury shares at $12 cash per share. Sept. 5 Directors declared 56 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 $368, eee 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 year ended December 31, 2019 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2019