OnPoint Company reports the following components of stockholders equity on December 31, 2016:

In year 2017, the following transactions affected its stockholders equity accounts.

Jan.		1		Purchased 5,000 shares of its own stock at $23 cash per share.
Jan.		5		Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record.
Feb.		28		Paid the dividend declared on January 5.
July		6		Sold 1,900 of its treasury shares at $27 cash per share.
Aug.		22		Sold 3,100 of its treasury shares at $20 cash per share.
Sept.		5		Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record.
Oct.		28		Paid the dividend declared on September 5.
Dec.		31		Closed the $154,000 credit balance (from net income) in the Income Summary account to Retained Earnings.

1. For each transaction, indicate the impact on total stockholders' equity. Enter decreases to equity as negative values. Verify that total Stockholders' equity as of December 31, 2017, as calculated, agrees with the amount reported on the balance sheet.

2. Prepare the Statement of Retained Earnings for OnPoint Corporation for the year ended December 31, 2017.

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 $ Impact on equity Total Stockholders' Equity - December 31, 2016 Jan. 1) Purchased 5,000 shares of its own stock at Stockholders' equity decreased $23 cash per share. Jan. 5) Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 Stockholders' equity decreased stockholders of record. Feb. 28) Paid the dividend declared on January 5. No change in total equity Jul. 6) Sold 1,900 of its treasury shares at $27 Stockholders' equity increased cash per share. Aug. 22) Sold 3,100 of its treasury shares at $20 Stockholders' equity increased cash per share. Sep. 5) Directors declared a $2 per share cash dividend payable on October 28 to the September Stockholders' equity decreased 25 stockholders of record. Oct. 28) Paid the dividend declared on September No change in total equity Dec. 31) Closed the $154,000 credit balance (from net income) in the Income Summary account to Stockholders' equity increased Retained Earnings. ONPOINT CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 Retained earnings, Dec. 31, 2016 $ Add: Net income 410,000 154,000 564,000 Less: Cash dividends declared Less: Treasury stock reissuances Retained earnings, Dec. 31, 2017 (7,600) 556,400 $