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help for 1-8 journal entry. 2 & 3 too Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year
help for 1-8 journal entry. 2 & 3 too
Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year Common stock-$25 par value, 50,100 shares authorized, 33,000 shares issued and outstanding $ 825,000 Paid in capital in excess of par value, common stock 66,000 Retained earnings 350.000 Total stockholders' equity $1,241,000 During the current year, the following transactions affected its stockholders' equity accounts January 2 Purchased 3,300 shares of its own stock at $25 cash per share January 7 Directors declared a $1.5e per share cash dividend payable on February 28 to the February stockholders of record February 28 Paid the dividend declared on January 7. July Sold 1,320 of its treasury shares at $30 cash per share August 27 Sold 1,650 of its treasury shares at 521 cash per share. September 9 Director declared 82 per share cash dividend payable on October 22 to the September 23 stockholders of record October 22 Paid the dividend declared on September December 31 Closed the $55.000 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 current year ended December 31 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year Complete this question by entering your answers in the tabs below. Required: Required 2 Required) Prepare journal entries to record each of these transactions View actions Journal entry worksheet 7 8 5 825,000 par value, common stock Retained earnings 66,000 Total stockholders' equity 350, 800 $ 1,241,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 3,390 shares of its own stock at $25 cash per share. January 7 Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record. February 28 Paid the dividend declared on January 7. July 9 Sold 1.320 of its treasury shares at $30 cash per share. August 27 Sold 1,650 of its treasury shares at 521 cash per share. September , Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record October 22 Paid the dividend declared on September 9 December 31 Closed the sss, one 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 current year ended December 31 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. (Amounts to be deducted should be indicated by a minus sign.) ALEX CORPORATION Stockholders' Equity Section of the Balance Sheet December 11 Total stockholders' equity $ 0 Step by Step Solution
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