Return to question Exercise 11-18 Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alexander Corporation reports the following components of stockholders' equity on December 31, 2016: Common stock-$25 par value, 60,000 shares authorized 35,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 875,000 70,000 357,000 $1,302,000 In year 2017, the following transactions affected its stockholders' equity accounts. Jan. 2 Purehased 3,500 shares of its own stock at $25 cash per share. 7 Directors declared a $1.50 per share cash dividend payable on Fabruary 28 to the February stockholders of record. Feb. 28 Daid the dividend declared on January 7. July 9 Sold 1,400 of its treasury shares at $30 cash per share. Aug 27 Sold 1,750 of its treasury shares at $20 cash per share. Sept. 9 Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record. Det. 22 Paid the dividend declared on September 9. Dee. 31 Closed the $57,000 credit balance from net income) in the Income Summary account to Retained Required: 1. Prepare journal entries to record each of these transactions for 2017 2. Prepare a statement of retained earnings for the year ended December 31, 2017 Return to questions 1. Prepare journal entries to record each of these transactions for 2017 2. Prepare a statement of retained earnings for the year ended December 31, 2017 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare a statement of retained earnings for the year ended December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.) ALEXANDER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 S 57,000 5 57.000 S 57,000 Becunda Pomid Y Return to question 1. Prepare journal entries to record each of these transactions for 2017 2. Prepare a statement of retained earnings for the year ended December 31, 2017 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.) ALEXANDER CORPORATION Stockholders' Equity Section of the Balance Sheet December 31, 2017 Total stockholders' equity 3 0 Required 2