one question with three parts
Alexander Corporation reports the following components of stockholders' equity at December 31, 2018. Connon stock-$25 par value, 60,880 shares authorized, 37,830 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 925,000 74,600 364,600 $1,363, cee During the year, the following transactions affected its stockholders' equity accounts. Jan. 2 Purchased 3,780 shares of its own stock at $25 cash per share. Jan. 7 Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record. Feb. 28 Paid the dividend declared on January 7. July 9 Sold 1,489 of its treasury shares at $30 cash per share. Aug. 27 Sold 1,85e of its treasury shares at $20 cash per share. Sept. 9 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 $59,888 credit balance (from net incone) 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 year ended December 31, 2019. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2019. Journal entry worksheet Record the purchase of 3,700 shares of its own common stock for $25 cash per share. Note: Enter debits before credits General Journal Debit Credit Date Jan 02 Building Cash Common dividend payable Common stock dividend distributable Record et general Journal Journal entry worksheet Journal entry worksheet 2 3 4 5 5 8 6 7 8 Record the payment of the cash dividend declared on January 7. Note: Enter debits before credits. Date General Journal Debit Credit Feb 28 Common stock, no-par value Income summary Inventory Land Machinery Recorde general Journal Journal entry worksheet 1 2 3 4 5 5 00 7 DO Record the reissue of 1,480 shares of the treasury stock for $30 cash per share. Note: Enter debits before credits. Credit Date General Journal Debit Jul 09 Egoeroepen Paid-in capital in excess of par value, common stock Paid-in capital in excess of par value, preferred stock Paid-in capital in excess of stated value, common stock Paid-in capital, treasury stock Recorder Preferred stock. 550 par value general Journal Journal entry worksheet 1 2 3 4 6 5 00 7 8 Record the reissue of 1,850 shares of the treasury stock for $20 cash per share. Note: Enter debits before credits. Date General Journal Debit Credit Aug 27 Paid-in capital in excess of stated value, common stock Paid-in capital, treasury stock Preferred stock, $50 par value Retained earnings Treasury stock, common Recorder general Journal Journal entry worksheet 2 3 4 1 5 5 8 7 8 Record the declaration of a cash dividend of s2 per share. Note: Enter debits before credits. General Journal Debit Credit Date Sep 09 Record entry Clear entry View general Journal Journal entry worksheet
