Marcellus Company reports the following components of stockholders' equity on January 1 Conton stock-$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding Pald.in capital in excess of par value, common stock Retained earnings Total stockholders' Equity 5.400,000 50,000 330, $ 790,000 During the year, the following transactions affected its stockholders' equity accounts, January 2 Purchased 4, be shares of its own stock at $21 cash per share January 5 Directors declared a 52 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. Tuly 5 Sold 2,000 of its treasury shares at $27 cash per share. August 22 Sold 2,000 of its treasury shares at 519 cash per share September 5 Directors declared 52 per share cash dividend payable on October 2 to the September 25 stockholders of record October 2 Paid the dividend declared on September 5. December 31 Closed the $549,588 credit balance (Front inconan the Income account to retained Earnings Journal entry worksheet Sold 2,000 of its treasury shares at $27 cash per share. Note: Enter debits before credits. Date Account Title Debit Credit July 08 Cash 40.500 34.500 Treasury stook. Common Paid-in capital Treasury stock 8.000 Sold 2,000 of its treasury shares at $19 cash per share. Note: Enter debits before credits. Date Account Title Debit Credit August 22 50,000 Cash Paid-in capital, Treasury stock Retained earnings Treasury stock, Common 6.000 1 500 57,500 Record entry Clear entry View general journal