During the current year, the following transactions affected its stockholders' equity accounts January 2 Rarchased 5,000 tharee of itin own stock at 525 oash per thare. Janaary? birectorn declared a $1.50 per ahare canh dividend payable on rebruary al to the robruary 9 atoekholders of rebruary 26 Faid the dividend deelared on Jasuary 7. Joly $ sold 2,000 of lta treasury ohared at $30 canh per share. angunt 27 sold 2,500 of ite treasury ohares at $21 cash per share. septenber , birectors declared a 52 pet thare cash dividesd payable on oetober 22 to the septeaber 23 stockholdero of october 22 pacord the dividend declared on septenber 9 , Decenber 31 closed tha 572,000 credit bolance (fros net incose) in the Iocone sumaty aceoubt to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained eamings for the current year ended December 31 . 3. Prepare the stockhoiders' equity section of the balance sheet as of December 31 of the current year. Prepare journal entries to record each of these transactions. 1 Record the purchase of 5,000 shares of its own common stock for $25 cash per share. 2 Record the deciaration of a cash dividend of $1.50 per share. 3 Record the payment of the cash dividend declared on January 7. 4 Record the reissue of 2,000 shares of the treasury stock for $30 cash per share. 5 Record the relssue of 2,500 shares of the treasury stock for $21 cash per share. 4 Record the reissue of 2,000 shares of the treasury stock for $30 cash per share. 5 Record the reissue of 2,500 shares of the treasury stock for $21 cash per share. 6 Record the deciaration of a cash dividend of $2 per share. 7 Record the payment of the cash dividend declared on September 9. 8 Record the entry to close the $72,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Note : = journal entry has been entered Prepare a statement of retained earnings for the current year ended December 31. (Amounts to be deducted should be indicated by a minus sign.) Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. (Amounts to be deducted should be indicated by a minus sign.)