Porter Corporation reports the following components of stockholders' equity on January 1. Common stock $10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 shares of its own stock at $23 cash per share. $ 400,000 60,000 330,000 $ 790,000 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 2,000 of its treasury shares at $27 cash per share. August 22 Sold 2,000 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 5.1 December 31 Closed the $591,500 credit balance (from net incone) in the Income Summary account to Retained Earnings. Requirement General Journal- General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity Dates: January 01 to: January 01 PORTER CORPORATION Trial Balance January 01, 2021 Account Title Cash Debit Credit 475,000 January 2 Purchased 4,000 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 2,000 of its treasury shares at $27 cash per share. August 22 Sold 2,000 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 $591,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity Dates: January 01 to: January 01 PORTER CORPORATION Trial Balance January 01, 2021 Account Title Cash 43333333 Accounts receivable Equipment Accumulated depreciation Equipment Common stock Paid-in capital, Common Retained earnings Income summary Total 5 Debit Credit $ 475,000 193,000 785,000 71,500 400,000 60,000 330,000 591,500 S 1,453,000 $ 1,453,000