GL1101 - Based on Problem 11-2A LO C3, P2, P3 Sanchez Company reports the following components of stockholders' equity on December 31, 2016: Common stock-$10 par value, 128,eee shares authorized 50,eee shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings 5e0,eee 75,eee 41e,eee Total stockholders' equity 985,eee In year 2017, the following transactlons affected Its stockholders equlty accounts 1 Purchased 5,000 shares of its own stock at $23 cash per share 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5 6 Sold 1,900 of its treasury shares at $27 cash per share 22 Sold 3,100 of its treasury shares at $20 cash per share 5 Directors declared a $2 per share cash dividend payable on october 28 to the September 25 stockholders of record Jan Jan. Feb July Aug. Sept. oct. 28 Paid the dividend declared on September 5. 31 Closed the $312,500 credit balance (from net income) in the Income Summary account to Retained Earnings Dec. General Journal General Ledger Statement of Stockholders Impact on Equity Trial Balance Requirement Equity RE Prepare the Statement of Retained Earnings for Sanchez Corporation for the year ended December 31, 2017. SANCHEZ CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 Retained earnings, Dec. 31, 2016 410,000 Add: Net income 410,000 Less: Cash dividends declared Less: Treasury stock reissuances Retained earnings, Dec. 31, 2017 S 410,000 Stockholders Equity> Trial Balance General General Statement of Stockholders Impact on Trial Balance Requirement Journal Ledger Equity Equity RE Prepare the stockholders' equity section of Sanchez Corporation's balance sheet as of December 31, 2017. Dates: Jan 01 to: Dec 31 SANCHEZ CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Common stock - $10 par value 500,000 Paid-in capital in excess of par value, common stock 75,000 Total contributed capital 575,000 Retained earnings 575,000 Total stockholders' equity Impact on Equity Statement of RE General General Statement of Stockholders Equity Impact on Equity Trial Balance Requirement Journal Ledger RE For each transaction, indicate the impact on total stockholders' equity. Enter decreases to equity as negative values. Verify that total Stockholders' equity as of December 31, 2017, as calculated, agrees with the amount reported the balance sheet. on Dates: Jan 01 to: Dec 31 Impact on equity Total Stockholders' Equity December 31, 2016 Jan. 1) Purchased 5,000 shares of its own stock at $23 cash per share. Jan. 5) Directors declared a S2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Feb. 28) Paid the dividend declared on January 5. Jul. 6) Sold 1,900 of its treasury shares at S27 cash per share. Aug. 22) Sold 3,100 of its treasury shares at $20 cash per share. Sep. 5) Directors declared a S2 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 $312,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Stockholders Equity Impact on Equity