Problem 7 At the beginning of 2021, Austin Corporation's stockholders' equity consisted of the following: Common stock, $25 par value, 30,000 shares authorized, 24,000 shares issued.. Paid-In capital in excess of par value common stock.. Retained earnings .... Total stockholders' equity.. $600,000 90,000 230,000 $920,000 During the year, the company completed these transactions: June 6 Purchased 1,000 shares of treasury stock at $40 per share. 23 The directors voted a $0.50 per share cash dividend payable on July 25 to the July 20 stockholders of record. July 25 Paid the dividend declared on June 23. Aug. 10 Sold 500 of the treasury shares at $45 per share. Oct. 20 Sold 500 of the treasury shares at $38 per share. Dec. 15 The directors voted a $0.50 per share cash dividend payable on January 20 to the January 15 stockholders of record, and they voted a 2% stock dividend distributable on January 30 to the January 20 stockholders of record. The market value of the stock was $40 per share. 31 Closed the Income Summary account and carried the company's $60,000 net income to Retained Earnings. Required: a. Prepare general journal entries to record the transactions. b. Prepare the Statement of Stockholders Equity