Quality First Company reports the following components of stockholders equity on December 31, 2016:

In year 2017, the following transactions affected its stockholders equity accounts.

GL1301- Based on Problem 13-2A LO C3, P2, P3 Quality First Company reports the following components of stockholders' equity on December 31, 2016 Common stock-$10 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings 400,000 60,000 330,000 790,000 Total stockholders' equity In year 2017, the following transactions affected its stockholders' equity accounts 1 Purchased 4,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of Jan. Jan. record. Feb. 28 Paid the dividend declared on January 5 July 6 Sold 1,500 of its treasury shares at $27 cash per share. Aug. 22 Sold 2,500 of its treasury shares at $20 cash per share. Sept 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September5 Dec. 31 Closed the $370,000 credit balance (from net income) in the Income Summary account to Retained Earnings. General Journal General Ledger Statement of Stockholders Impact on Equity Requirement Trial Balance RE General Journal tab Prepare the necessary journal entries Statement of Retained Earnings tab Prepare the Statement of Retained Earnings for the Quality First Corporation for the year ended December 31, 2017 Stockholders Equity tab - Prepare the Stockholders' equity section of Quality First Corporation's December 31, 2017 balance sheet Impact on Equity tab - For each transaction, indicate the total change in Stockholders' Equity, if any. Verify that total equity, as calculated, agrees with the amount reported on the Stockholders' Equity tab Requirement General Journal> Answer is not complete General Journal General Ledger Statement of Stockholders Impact on Equity Requirement Trial Balance RE Equity In year 2017, the following transactions affected its stockholders' equity accounts. Prepare the necessary journal entries. If no journal entry is required, select "No journal entry required" in the first input box Date Debit Account Title Credit Jan 01 92,000 Treasury stock, Common Cash 92,000 Equipment Equipment Equipment Equipment Equipment Equipment Jan 05 Feb 28 Cash Cash Cash Cash Cash Cash le-le-le-le-le-le nts nts nts nts nts nts es es es es es es 4 5 6 Oct 28 7 Cash Cash Cash Cash Cash Cash Dec 31 Cash Cash Cash Cash Cash Requirement General Ledger Answer is not complete General Journal General Ledger Statement of Stockholders Impact on Requirement Trial Balance RE Equity Equity Dates: Jan 01 to: Dec 31 General Ledger Account Cash Accounts receivable Date Dec 31 Jan 01 Debit Credit Date Dec 31 Debit Credit Balance Balance 0. 370,000 278,000 172,000 92,000 Equipment Accumulated depreciation Equipment Date Dec 31 Debit Credit Date Dec 31 Debit Credit Balance Balance 0. 680,000 62,000 Common stock Paid-in capital, Common Date Debit Credit Date Debit Credit Balance Balance 0. Jan 01 400,000 60,000 Retained earnings Treasury stock, Common Date Debit Credit Date Debit Credit Balance Balance 0. Jan 01 330,000 Jan 01 92,000 92,000 Income summary Date Dec 31 Debit Credit Balance 0. (370,000) Trial Balance> General Journal Answer is not complete General Journal General Ledger Statement of Stockholders Impact on Requirement Trial Balance RE Equity Equity Dates: Jan 01 to: Dec 31 QUALITY FIRST CORPORATION Trial Balance December 31, 2017 Account Title Debit Credit 278,000 172,000 680,000 Cash Accounts receivable Equipment Accumulated depreciation Equipment Common stock Paid-in capital, Common Retained earnings Treasury stock, Common Income summary 62,000 400,000 60,000 330,000 92,000 370,000 1,222,000 Total 1,222,000 $ K General Ledger Statement of RE Answer is not complete Statement of StockholdersImpact on Equity General Journal General Ledger Requirement Trial Balance RE Equity Prepare the Statement of Retained Earnings for Quality First Corporation for the year ended December 31, 2017 QUALITY FIRST CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 Retained earnings, Dec. 31, 2016 $330,000 Add: Net income 370,000 700,000 Less: Cash dividends declared Less: Treasury stock reissuances Retained earnings, Dec. 31, 2017$ 700,000 0 KTrial Balance Stockholders Equity> Answer is not complete Statement of Stockholders Impact on Equity General Journal General Ledger Requirement Trial Balance RE Equity Prepare the stockholders' equity section of Quality First Corporation's balance sheet as of December 31, 2017. Dates: Jan 01 to: Dec 31 QUALITY FIRST CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Common stock- $10 par value Paid-in capital in excess of par value, common stock Total contributed capital Retained earnings Total stockholders' equity 0 0 0 > Statement of RE Impact on Equity