Exercise 11-18 Cash dividends, treasury stock, and statement of retained earnings L Alexander Corporation reports the following components of stockholders' equity on December 31, 2015: Common stock- $25 par value, 50,000 shares authorized, 850,000 34,000 shares issued and outstanding Paid-in capital in excess of par value, common stock 68,000 354,000 Retained earnings 1,272,000 Total stockholders' equity In year 2016, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 3,400 shares of its own stock at $25 cash per share. Jan. 7 Directors declared a $1.50 per share cash dividend payable on Feb. 28 to the Feb. 9 stockholders of record. Feb. 28 Paid the dividend declared on January 7. July 9 Sold 1,360 of its treasury shares at $30 cash per share. Aug. 27 Sold treasury shares at cash per share. Sept 9 irectors declared a S2 per share cash dividend payable on october 22 to the September 23 stockholders of Oct. 22 Paid the dividend declared on September 9, Dec. 31 Closed the $56,000 credit balance (from net income) in the Income Summary account to