Exercise 11-24 (Algo) Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alex Corporation reports the following components of stockhalders' equity at December 31 of the prior year. During the current year, the following transactions affected its stockholders' equity accounts. January 2 purehased 4,700 ahares of ita own atoek at 525 eash per share. January 7 Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stoekholders of Tebruary 28 paid the dividend declared on January 7. July 9 sold 1,880 of its treasury shares at $30 eash per share. August 27 sold 2,350 of its treasury shares at $21 cash per share. september 9 Directori declared a $2 per ahare canh dividend payable on october 22 to the september 23 stoekholdera of october 22 paid the dividend declared on septenber 9. December 31 cloned the $69,000 eredit balance (from net income) in the Income surmary account 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 stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Prepare journal entries to record each of these transactions