During the current yeac, the following transactions aflectnd is stochtiolaters' equily sccousts. January 2 purchased s, ogo whares of its ewn nteck at 275 cash per nhare. Fetiruary 28 patid the dividnnd declarnd ne danuary 7 , July 9 Sold 2 , ood of its treasury shares at syo cash per wharn. August 2y sold z, Soo of its treasury shares at $21 cash per shars. Septemher 9 Directars declared a $2 per share canh dividund payahla on octnber 22 to the Septenher za stockholaets October 22 paid the dividend declared on september 9. December 31 . Clased ther $72,000 credit balance (from net incoeve) in the Incone sumbary aceount to Metained Earnings Required: 1. Prepare journal critries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31. - Prepare the stockholders" equity section of the balance sheet as of Decernber 31 of the curtent yeat. Common steck- LJs par value, zo, 000 wharen auchorized, ho, 000 sharks Issued and nutstanding. During the current yeac, the following trainapctions affected it stockholders' equity accounas. Futiruary 2ar Paid rhe dividend deciared un danuary z. Juiy 9 5old 2,000 of it: kreasury sharns at sao eash par sharn. August 27 sold 2, soo of ita treanury shares at 121 canh per wharn. September 9 Directors declared a $2 per share canh dividend payable on octur 22 te the teetnatver 25 stackheldnrs October 22 Pata the dividend declared on September 9. Requulrect: 1. Prepare journal entries to record each of these transactions. 2. Prepare a staternent of retained earnings for the current year ended December 31 . 3. Prepare the stockholders' equity section of the balance sheet as of Decernber 31 of the current year