During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 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 2,000 of its treasury shares at $27 cash per share. August 22 Sold 2,000 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on october 28 to the september 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $338,500 credit balance (from net income) in the Income Summary account to Retained Earnings. \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ SMITH CORPORATION } \\ \hline \multicolumn{2}{|c|}{ Statement of Retained Earnings } \\ \hline \multicolumn{2}{|c|}{ For Year Ended December 31} \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline \end{tabular} Dates: January 01 to: January 01 \begin{tabular}{|l|l|} \hline Impact on equity \\ \hline Total Stockholders' Equity - January 1 & \\ \hline January2)Purchased4,000sharesofitsownstockat$23cashpershare. \\ \hline January5)Directorsdeclareda$2persharecashdividendpayableonFeb.28totheFeb.5stockholdersofrecord. \\ \hline February28)PaidthedividenddeclaredonJanuary5. & \\ \hline July6)Sold2,000ofitstreasurysharesat$27cashpershare. & \\ \hline August22)Sold2,000ofitstreasurysharesat$19cashpershare. & \\ \hline September5)Directorsdeclareda$2persharecashdividendpayableonOctober28totheSeptember25stockholdersofrecord. \\ \hline October28)PaidthedividenddeclaredonSeptember5. \\ \hline December31)Closedthe$338,500creditbalance(fromnetincome)intheIncomeSummaryaccounttoRetainedEarnings. \\ \hline \end{tabular}