Page 8 13. Alexander Corporation reports the following components of stockholders' equity on December 31, 2015: Common stock-$25 par value, 60,000 shares authorized, 36,000 shares issued and outstanding $ 900,000 Paid-in capital in excess of par value, common stock 72,000 Retained earnings 361,000 Total stockholders' equity $1,333,000 In year 2016, the following transactions affected its stockholders equity accounts: Jan. 2 Purchased 3,600 shares of its own stock at $25 cash per share. Jan. 7 Directors declared a $1.50 per share cash dividend payable on Feb. 28 to the Feb. 9 stockholders of record. Feb. 28 Paid the dividend declared on January 7. July 9 Sold 1,440 of its treasury shares at $30 cash per share. Aug. 27 Sold 1,800 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 $58,000 credit balance (from net income) in the Income Summary account to Retained Earnings. a. (8 points) Prepare journal entries to record each of these transactions for 2016. Date Account Debit Credit