Sanchez Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings. Total stockholders' equity $ 500,000 75,000 410,000 $ 985,000 During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 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 2,500 of, its treasury shares at $27 cash per share. August 22 Sold 2,500 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $312,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement Answer is not complete. General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary journal entries. If no journal entry is required, select "No journal entry required" in the first input box. No Date: Account Title 1 January 02 Treasury stock, Common i Cash Debit 115,000 Credit 115,000 < Prev 8 of 10 Next > Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity Prepare the Statement of Retained Earnings for Sanchez Corporation for the year ended December SANCHEZ CORPORATION Statement of Retained Earnings For Year Ended December 31 $ 0 Prepare the stockholders' equity section of Sanchez Corporation's balance sheet as of December 31. Dates: January 01 SANCHEZ CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Total contributed capital 0 Total stockholders' equity $ < Statement of RE Impact on Equity repruary 20 raid the dividend declared on January . July 6 Sold 2,500 of its treasury shares at $27 cash per share. August 22 Sold 2,500 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on October 28 to the record. October 28 Paid the dividend declared on September 5. December 31 Closed the $312,500 credit balance (from net income) in the Income Summary ac- Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity For each transaction, indicate the impact on total stockholders' equity. Enter decreases to equ values. Verify that total Stockholders' equity as of December 31, as calculated, agrees with the amount balance sheet. Total Stockholders' Equity- January 1 January 2) Purchased 5,000 shares of its own stock at $23 cash per share. January 5) Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. February 28) Paid the dividend declared on January 5, July 6) Sold 2,500 of its treasury shares at $27 cash per share. August 22) Sold 2,500 of its treasury shares at $19 cash per share. September 5) Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28) Paid the dividend declared on September 5. December 31) Closed the $312,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Dates: January 01 t Impact on equity