GL1101 - Based on Problem 11-2A LO C3, P2, P3 Austin Company 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 Paid in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 400,000 60,000 330.000 $ 790,000 During the year, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 4,000 shares of its own stock at 323 cash per Share. Jan. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,500 of its treasury shares at $27 cash per share. Aug 22 Sold 2.500 of its treasury shares at $20 cash per share. Sept. 5 Directors declared a 52 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 closed the 5497,000 credit balance (fron net incone) in the Income Summary account to Retained Earnings Requirement General Journal General Ledger Trial Balance Statement of Stockholders Statement of Stockholders Equity RE Impact on Equity During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary journal entries. If no journal entry is required, select "No journal entry required in the first input box. View transbon list Journal entry worksheet Purchased 4,000 shares of its own stock at $23 cash per share. Note: Enter debits before credits Account Title Debit Credit Date Jan 02 Record entry Clear entry View general journal Requirement General Ledger > Journal entry worksheet Journal entry worksheet Journal entry worksheet 1 2 3 4 5 Sold 2,500 of its treasury shacks at $20 cash per share. Note: Enter debits before credits Account Title Debit Credit Date Aug 22 | 1 1 1 1 1 Record entry Clear entry entry View general journal Journal entry worksheet GO Journal entry worksheet