Jan. 2 Jan. 7 Feb. 28 July 9 Aug. 27 Sep. 9 Purchased 3,000 shares of its own stock at $25 cash per share. Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record. 7. Paid the dividend declared on January Sold 1,200 of its treasury shares at $30 cash per share. Sold 1,500 of its treasury shares at $21 cash per share. Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record. Oct. 22 Paid the dividend declared on September 9. Dec. 31 Closed the $52,000 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.