Prepare journal entries to rec

Prepare the stockholders? equity section of the company?s balance sheet as of December 31, 2016. (Amounts to be deducted should be indicated by a minus sign

2.	Prepare a statement of retained earnings for the year ended December 31, 2016. (Amounts to be deducted should be indicated by a minus sign.)

ord each of these transactions for 2016.

Common stock$25 par value, 60,000 shares authorized, 36,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 900,000 72,000 361,000 $ 1,333,000 In year 2016, the following transactions affected its stockholders' equity accounts. Jan. Jan. Feb. July Aug. Sept . Oct. Dec. 2 Purchased 3,600 shares of its own stock at $25 cash per share. 7 Directors declared a $1.50 per share cash dividend payable on Feb. 28 to the Feb. 9 stockholders of record. 28 Paid the dividend declared on January 7. 9 Sold 1,440 of its treasury shares at $30 cash per share. 27 Sold 1,800 of its treasury shares at $20 cash per share. 9 Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record. 22 Paid the dividend declared on September 9. 31 Closed the $58,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions for 2016