Journal entry worksheet 8 Record the purchase of 5,000 shares of its own common stock for $25 cash per share. Note: Enter debits before credits. During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of 1 ts own stock at $25 cash per share. January $ Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,500 of 1 ts treasury shares at $29 cash per share. August 22 Sold 2,580 of its treasury shares at $21 cash per share. September 5 Directors declared a $2 per share cash dividend payable on Ootober 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on Septenber 5. December 31 closed the $408,000 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. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. 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. Prepare a statement of retained earnings fot the current year ended December 31. Note: Amounts to be deducted should be indicated by a minus sign