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. stock- - 525 par value, shares authorized, 30,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders equity $ 750,000 50,000 340,000 $1,140,000 During 2020, the following transactions affected its stockholders' equity accounts Jan. 2 Purchased 3,000 shares of its own stock at 25 cash per share. Jan. Directors declared a 1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record. Feb. 28 Paid the dividend declared on January 7. July 9 Sold 1,200 of its treasury shares at $30 cash per share. Aug. 27 Sold of its treasury shares at $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. Dec. 31 Closed the 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

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, connon stock Retained earnings Total stockholders' equity $ 750,000 50,000 340,000 51, 140,000 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. 7 Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record, Feb. 28 Paid the dividend declared on January 7. July 9 Sold 1,200 of its treasury shares at $30 cash per share. Aug. 27 Sold 1.500 of its treasury shares at $20 cash per share. Sept. 9 Directors declared a 12 per share cash dividend payable on October 22 to the September 23 stockholders of record. Oct. 22 Paid the dividend declared on September 9. Dec. 31 Clased the 552,000 credit balance (from net income) in the Incone 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. Comala Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions View transaction list ces Journal entry worksheet 5 6 7 8 > Record the purchase 3,000 shares of its own common stock for $25 cash per share Noter Enter debits before credits Date General Journal Debit Credit Jan 02 25 Next 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 Des 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 of the Balance Sheet December 31, 2020 Total stockholders' equity