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During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 6,000 shares of 1 ts own stock at 520 cash
During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 6,000 shares of 1 ts own stock at 520 cash per share. January 5 Directors dectared 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 sold 3,000 of its treasury shares at 524 cash per share, August 22 sold 3,600 of its treasury shares at $16 cash per share. September 5 Directors declared a $4 per share cash dividend payable on october 28 to the September 25 stockholders of record. October 28 Paid the dividend dectared on September 5. December 31 Closed the $388,000 credit balance (froit net incone) in the Incone Suemary account to Retained 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 pf the current year. Complete this question by entering your answers in the tabs below. Prepare joumal entries to record each of these transactions. Journal entry worksheet
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