GL$1101($Algo$)-$ Based on Problem $11-2$A LO C$3,$ P$2,$ P$3$

Ontario Corporation reports the following components of stockholders$$ equity on January $1.$

Common stock$$$$10$ par value, $110,000$ shares authorized, $40,000$ shares issued and outstanding $ $400,000$

Paid$-$in capital in excess of par value, common stock $60,000$

Retained earnings $330,000$

Total stockholders' equity $ $790,000$

During the year, the following transactions affected its stockholders$$ equity accounts.

January $2$ Purchased $4,000$ shares of its own stock at $$23$ cash per share.

January $5$ Directors declared a $$2$ per share cash dividend payable on February $28$ to the February $5$ stockholders of record.

February $28$ Paid the dividend declared on January $5.$

July $6$ Sold $2,000$ of its treasury shares at $$27$ cash per share.

August $22$ Sold $2,000$ of its treasury shares at $$19$ cash per share.

September $5$ Directors declared a $$2$ per share cash dividend payable on October $28$ to the September $25$ stockholders of record.

October $28$ Paid the dividend declared on September $5.$

December $31$ Closed the $$444,000$ credit balance $($from net income$)$ in the Income Summary account to Retained Earnings.$\backslash$table$[[$No$,$Date,Account Title,$\backslash$table$[[$Debit$],[92\mathrm{.}000$o$.]],$Credit$],[1,$January $02,$Treasury stock, Common,$0],[,$Cash,$\backslash$theta $,,92,000$C$],[2,$January $05,$Rotained earnings,$0,72\mathrm{.}0000,],[,$Common dividend payable,$0,,72,000\backslash$Theta $],[3,$February $28,$Common dividend payable,$0,72\mathrm{.}0000,],[,$Cash,$0,,72,0000],[4,$July $06,$Cash,$0,40\mathrm{.}500$ox$,],[,$Treasury stock, Common,$\backslash$theta $,,34,500\backslash$Theta $],[,$Paid$-$in capital, Treasury stock,$\backslash$theta $,,6,000$~~$],[,,,,,],[5,$August $22,$Cash,$\backslash$theta $,38,000$o$.,],[,$Paid$-$in capital, Treasury stock,$0,,40,000$O$/],[6,$September $05,$Retained earnings,$\backslash$theta $,80,000$o$.,],[,$Common dividend payable,$0,,80,000$o$.],[7,,,,,],[$October $28,$Common dividend payable,$0,80,0000,],[,$Cash,$0,,80,000$sub$],[8,$December $31,$Income summary,$0,591\mathrm{.}500$x$,],[,$Retained earnings,$\backslash$theta $,,591,500]]$

$\backslash$table$[[$ONTARIO CORPORATION$],[$Statement of Retained Earnings,$],[$For Year Ended December $31,],[,],[,],[,],[,$$$]]$

$\backslash$table$[[$ONTARIO CORPORATION$],[$Stockholders$\text{'}$ Equity Section of the Balance Sheet,$],[$December $31,],[,],[$Total contributed capital,$],[,],[$Total stockholders' equity,$]]$

$\backslash$table$[[,$Impact on equity,$$],[$Total Stockholders' Equity $-$ January $1],[\backslash$table$[[$January $2)$ Purchased $4,000$ shares of its own$],[$stock at $$23$ cash per share.$]]],[\backslash$table$[[$January $5)$ Directors declared a $$2$ per share cash$],[$dividend payable on February $28$ to the February $5],[$stockholders of record.$]]],[\backslash$table$[[$February $28)$ Paid the dividend declared on$],[$January $5.]]],[\backslash$table$[[$July $6)$ Sold $2,000$ of its treasury shares at $$27],[$cash per share.$]]],[\backslash$table$[[$August $22)$ Sold $2,000$ of its treasury shares at $$19],[$cash per share.$]]],[\backslash$table$[[$September $5)$ Directors declared a $$2$ per share$],[$cash dividend payable on October $28$ to the$],[$September $25$ stockholders of record.$]]],[\backslash$table$[[$October $28)$ Paid the dividend declared on$],[$September $5.]]],[\backslash$table$[[$December $31)$ Closed the $$444,000$ credit balance$],[($from net income$)$ in the Income Summary account$],[$to Retained Earnings.$]]],[,,],[,,]]$