Exercise 11-24 (Static) Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alexander Corporation reports the following components of stockholders' equity at December 31, 2019. Common stock-$25 par value, 50.000 shares authorized 30,000 shares issued and outstanding Paid-in capital in excess of par value, conmon stock Betained earnings Total stockholders' equity 11 $750,000 50,000 340,000 $1,140,000 nes During 2020, the following transactions affected its stockholders' equity accounts Jan. Jan. 2 Purchased 3,000 shares of its own stock at $25 cash per share. 1 Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record. Feb. 20 Paid the dividend declared on January 7. July Sold 1,200 of its treasury whares at $30 cash per share. Aug. 27 sold 1,500 of its treasury shares at $20 cash per share. Sept. Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record. Oct. 22 Paid the dividend declared on Septenber). Dee. 31 cloned the $52,000 credit balance (from net income in the Income Summary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions 2. Prepare a statement of retained earnings for the year ended December 31, 2020. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2020 Complete this question by entering your answers in the tabs below. View transaction list View journal entry worksheet No Date General Journal Debit Credit 1 Jan 02 75,000 Treasury stock, common Cash 75,000 2 Jan 07 40,500 Retained earnings Common dividend payable 40,500 3 Feb 28 Common dividend payable Cash 40,500 40,500 4 Jul 09 36,000 Cash Treasury stock, common Pald-in capital, treasury stock 30,000 6.000 5 Aug 27 30,000 Cash Pald-in capital, treasury stock Retained earnings Treasury stock, common 6,000 1,500 37,500 6 Sep 09 Retained earnings Common dividend payable 59.400 59.400 7 Oct 22 Common dividend payable 59.400 Doc. Aug. 27 Sold 1,500 of its treasury shares at $20 cash per share. Sept. 9 Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record. Oct. 22 Paid the dividend declared on September 9. 31 Closed the $52,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the year ended December 31, 2020. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2020. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a statement of retained earnings for the year ended December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) ALEXANDER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2020 Less: Treasury stock reissuances $ Less: Net loss $ Less: Cash dividends declared Cash $ 340,000 52,000 392,000 1,500 393,500 Reguld. Raould 3) Chapter 11 Homework - Part 2 Saved 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the year ended December 31, 2020. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2020. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2020. (Amounts to be deducted should be indicated by a minus sign.) ALEXANDER CORPORATION Stockholders' Equity Section the Balance Shoot December 31, 2020 Loss: Cost of treasury stock Total stockholders' equity S
