QUESTIONS At the beginning of 2014, Austin Corporation's stockholders' equity consisted of the following: Common stock, 525 par value 30,000 shares authorized, 24.000 shares issue d $600,000 Pald.in capitales of par value common stock 90,000 Retained earnings 230,000 Total stockholders' equity $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 538 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: 1 Prepare general Journal entries to record the transactions 1 Prepare retained earnings statement for the year and the stockholders equity section of the company's year end balance sheet. For the local press ALT 10 PC or ALT-FN-F10 (Mac)