Identifying and Analyzing Financial Statement Effects of Stock Repurchase and Dividends

Quinn Company has outstanding $25,000$ shares of $$10$ par value common stock that was issued for an average of $$24$ per share. It also has $$514,000$ of retained earnings. The company repurchases and retires $2,000$ shares at $$32$ per share. Near the current year$-$end, the company declares and pays a cash dividend of $$1\mathrm{.}80$ per share. Use the financial statement effects template to record the share repurchase and dividend transactions.

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Note: Round answer to the nearest dollar, if applicable.