Roner Corporawon reports the following components of stockhoiders' equity at December 31 of the prior year. \begin{tabular}{lr} Coanon stock- $20 par value, 100,000 shares authorized, 45,000 shares issued and outstanding & $900,000 \\ Paid-in capital in excess of par value, common stock & 70,000 \\ Retained earnings & 460,000 \\ \hline Total stockholders' equity & $1,490,000 \\ \hline \end{tabular} During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 6,000 shares of its own stock at $15 cash per share. January 5 Directors declared a $4 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 sold 3,006 of its treasury shares at $19 cash per share. August 22 Sold 3,000 of its treasury shares at $11 cash per share. September 5 Directors declared a $4 per share cash dividend payable on october 28 to the septenber 25 stockholders of record. october 28 Paid the dividend declared on September 5. December 31 Closed the $388,000 credit batance (from net incone) in the Income Sumnary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31. 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year