OnPoint Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 500,000 75,000 410,000 $ 985,000 During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $23 cash per share. January 5 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 its treasury shares at $27 cash per share. August 22 Sold 2,500 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $154,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General Journal General Ledger Trial Balance Statement of RE Stockholders Equity Impact on Equity Prepare the stockholders' equity section of OnPoint Corporation's balance sheet as of December 31. Dates: January 01 to: December 31 ONPOINT CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 $ Common stock - $10 par value Paid-in capital in excess of par value, common stock Total contributed capital Retained earnings Total stockholders' equity 500,000 75,000 575,000 575,000 Statement of RE Impact on Equity Requirement General Journal General Ledger Trial Balance Statement of RE Stockholders Equity Impact on Equity Prepare the Statement of Retained Earnings for On Point Corporation for the year ended December 31. ONPOINT CORPORATION Statement of Retained Earnings For Year Ended December 31 0 $ 0 Dates: January 01 to: December 31 Impact on equity Total Stockholders' Equity - January 1 January 2) Purchased 5,000 shares of its own stock at $23 cash per share. January 5) Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. February 28) Paid the dividend declared on January 5. July 6) Sold 2,500 of its treasury shares at $27 cash per share. August 22) Sold 2,500 of its treasury shares at $19 cash per share. September 5) Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28) Paid the dividend declared on September 5. December 31) Closed the $154,000 credit balance (from net income) in the Income Summary account to Retained Earnings