Exercise 11-24 (Algo) Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$25 par value, 50,000 shares authorized, 32,000 shares issued and outstanding $ 800,000 64,000 347,000 $ 1,211,000 Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 3,200 shares of its own stock at $25 cash per share. January 7 February 28 July 9 August 27 September 9 October 22 Paid the dividend declared on September 9. December 31 Closed the $54,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record. Paid dividend declared on January 7. Sold 1,280 of its treasury shares at $30 cash per share. Sold 1,600 of its treasury shares at $21 cash per share. Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record. 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. FIL

Exercise 11-24 (Algo) Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year. During the current year, the following transactions affected its stockholders' equity accounts. January 2 Parchased 3,200 sharea of 1 te own stopk at $25 eanh per bhare. Pebruary 28 Pacord. July 9 Sold 1,280 of its treasury shares at 530 eash per share. August 27 sold 1,600 of it i treasury shares at $21 eash per ihare. October 22 Pajd the dividend deelared on Septenber 9. 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 . Reguired 1 Requlred 2 Complete this question by entering your answers in the tabs below. Prepare a statement of retained earnings for the current year ended December 31. Note: Amounts to be deducted should be indicated by a minus sign. Complete this question by entering your answers in the tabs below. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Note: Amounts to be deducted should be indicated by a minus sign