Quality First Company reports the following components of stockholders equity on January 1.

Common stock$10 par value, 100,000 shares authorized, 40,000 shares issued and outstanding	$	400,000
Paid-in capital in excess of par value, common stock		60,000
Retained earnings		330,000
Total stockholders' equity	$	790,000

During the year, the following transactions affected its stockholders equity accounts.

Jan.		2		Purchased 4,000 shares of its own stock at $23 cash per share.
Jan.		5		Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of 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 September 5.
Dec.		31		Closed the $370,000 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 During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary journal entri journal entry is required, select "No journal entry required" in the first input box. View transaction list Journal entry worksheet 1 2. 3 4 5 6 7 8 > Purchased 4,000 shares of its own stock at $23 cash per share. Note: Enter debits before credits. Account Title Debit Credit Date Jan 02 Record entry Clear entry View general journal