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. Feb. July Aug 2 Purchased 3,500 shares of its own stock at $25 cash per share. 7 Directora declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record. 28 Paid the dividend declared on January 7. 9 Sold 1,400 of its treasury shares at $30 cash per share. 27 Sold 1,750 of its treasury shares at $20 cash per share. 9 Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record. 22 Paid the dividend declared on September 9. 31 Closed the $57,000 credit balance from net income) in the Income Summary account to Retained Barnings. Sept. Oet. Dee. 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 MacBook Return to question 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 journal entries to record each of these transactions for 2017. No Data General Journal Debit Credit 1 Jan 02 Treasury stock, common Cash 87,500 00 87,500 2 Jan 07 Retained earnings Common dividend payable 47,250 47 250 Feb 28 Common dividend payable Cash 47,250 O 47.250 4 Jul 09 42.000 Cash Treasury stock, common Paid-in capital, treasury stock oo 36,000 7,000 MacBook Return to question 3 Feb 28 Common dividend payable Cash 47.250 47.250 4 Jul 09 42,000 Cash Treasury stock, common Paid in capital, treasury stock o 35,000 7,000 5 Aug 27 Paid-in capital, treasury stack Retained earnings Cash 00 35,000 7.000 1,750 43,750 6 Sep 09 Retained earings Common dividend payable 69,300 69,300 7 Oct 22 Common dividend payable Cash 69,300 69,300 8 Dec 31 Income summary Ratained earnings 57,000 57,000 Required 2 >