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Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common toek-$25 par value, 50,000 shares authorized, 34,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders: equity $ 850,000 68,000 354,000 5 11,272,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 3,400 shares of its own stock at $25 cash per share. January 2 Directors declared a $1.50 per share canh dividend payable on February 28 to the February 9 stockholders at record. February 20 Paid the dividend declared on January 7 July 9 Sold 1,360 of its treasury shares at $30 cash por share. August 27 Sold 1,700 of its treasury charen at $21 cash per share. Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of September record October 22 Pald the dividend declared on September December 31 Clowed the $56.000 credit balance (from not Income) in the Income Summary account to retained. Torningo. Required: 1. Prepare Journal entries to record each of these transactions, 2. Prepare a statement of retained earnings for the current year ended December 31 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. View transaction list Journal entry worksheet Record the purchase of 3,400 shares of its own common stock for $25 cash per share. Note: Enter debits before credits. Credit Date General Journal January 02 Paid-in capital, treasury stock Cash Debit 85,000 85,000 Record entry Clear entry View general Journal Record the purchase of 3,400 shares of its own common stock for $25 cash per share. 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 1,360 shares of the treasury stock for $30 cash per share. 5 Record the reissue of 1,700 shares of the treasury stock for $21 cash per share. 6 Record the declaration of a cash dividend of $2 per share. 7 Record the payment of the cash dividend declared on September 9. 8 Record the entry to close the $56,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required 1 Required 2 Required 3 Prepare a statement of retained earnings for the current year ended December 31. (Amounts to be deducted should be indicated by a minus sign.) ALEX CORPORATION Statement of Retained Earnings For Current Year Ended December 31 $ 0 Required 1 Required 2 Required) Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. (Amounts to be deducted should be indicated by a minus sign.) ALEX CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 $ Total stockholders' equity