! Required information [The following information applies to the questions displayed below.) Context Corporation reports the following components of stockholders' equity on December 31, 2011 Common stock-$25 par value. 100,000 shares authorized, 50,000 shares Issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $1,250,000 70,000 370,000 $1,690,000 In year 2012, the following transactions affected its stockholders' equlty accounts Jan. 1 Purchased 5,500 shares of its own stock at $20 cash per share. Jan. 5 Directors declared a $6 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Feb.28 Pald the dividend declared on January 5. July 6 Sold 2,063 of its treasury shares at $24 cash per share, Aug.22 Sold 3.437 of its treasury shares at $17 cash per share. Sept. 5 Directors declared a $6 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 $408,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions for 2012. (Omit the "$" Neyt> Required information Requireu. 1. Prepare journal entries to record each of these transactions for 2012. (Omit the "$" sign in your response.) Debit Credit Date Jan. 1 General Journal Treasury stock, common Cash . . Jan. 5 Retained earnings Common dividend payable Feb. 28 Common dividend payable Cash July 6 Cash Treasury stock, common Contributed capital, treasury stock + JO a Aug. 22 Cash Contributed capital, treasury stock Retained earnings Treasury stock, common Sept. 5 Retained earnings Common dividend payable Oct. 28 Common dividend payable Cash Dec. 31 Income summary 5S Next > 6 Inmid the hen Oronar innat antriar in naranch of thartran Required information vale Veidi Juulidi Jan. 1 Treasury stock, common Cash UEUIL CECUTE Jan. 5 Retained earnings Common dividend payable Feb. 28 Common dividend payable Cash July 6 Cash Treasury stock, common Contributed capital, treasury stock Aug. 22 Cash Contributed capital, treasury stock Retained earnings Treasury stock, common Sept. 5 Retained earnings Common dividend payable Oct 28 Common dividend payable Cash Dec. 31 Income summary Retained earnings 14 of 14 Nex 12 13