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m. Exercise 11-21 Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alexander Corporation reports the following components of stockholders' equity at December 31, 2018. 80 points eBook Common stock-$25 par value, 70,000 shares authorized, 48,000 shares issued and outstanding $1,200,000 Paid-in capital in excess of par 96,000 value, common stock Retained earnings 403,000 Total stockholders' equity $1,699,000 Hint Ask During the year, the following transactions affected its stockholders' equity accounts. Print Jan. 2 Purchased 4,800 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 1,920 of its treasury shares at $30 cash per share. Aug. 27 Sold 2,400 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 $70,000 credit balance (from net income) 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. Complete this question by entering your answers in the tabs below. Required Required Required Prepare journal entries to record each of these transactions. View transaction list Journal entry worksheet Record the purchase of 4,800 shares of its own common stock for $25 cash per share. Note: Enter debits before credits. General Journal Debit Credit Date Jan 02 Prepare journal entries to record each of these transactions. View transaction list 1 Record the purchase of 4,800 shares of its own common stock for $25 cash per share. mmon Credit 2 Record the declaration of a cash dividend of $1.50 per share. 3 Record the payment of the cash dividend declared on January 7. 4 Record the reissue of 1,920 shares of the treasury stock for $30 cash per share. 5 Record the reissue of 2,400 shares of the treasury stock for $20 cash per share. Note : = journal entry has been entered Prepare journal entries to record each of these transactions. View transaction list X > treasury stock for $30 cash per share. 5 Record the reissue of 2,400 shares of the treasury stock for $20 cash per share. mmon 6 Record the declaration of a cash dividend of $2 per share. Credit 7 Record the payment of the cash dividend declared on September 9. 8 Record the entry to close the $70,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Note : = journal entry has been entered 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. Complete this question by entering your answers in the tabs below. Required Required Required 1 2 3 Prepare a statement of retained earnings for the year ended December 31, 2019. (Amounts to be deducted should be indicated by a minus sign.) ALEXANDER CORPORATION Statement of Retained Earnings For Year Ended December 31 Add: Cash dividends declared Add: Treasury stock reissuances Beginning retained earnings Cash Ending retained earnings 1 Required 3 > Prepare a statement of retained earnings for the year ended December 31, 2019. (Amounts to be deducted should be indicated by a minus sign.) ALEXANDER CORPORATION Statement of Retained Earnings For Year Ended December 31 beginning retained earnings Cash Ending retained earnings Less: Cash dividends declared Less: Treasury stock reissuances 1 Required 3 >