Saved Exercise 11-18 Cash dividends, treasury stock, and statement of retained earnings e following components of stockholders' equity on December 31 Alexander Corporation Common stock-$25 par value50,000 shares authorized, 34,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders equity 850,000 68,000 354,000 1,272,000 In year 2017, the following transactions affected its stockholders' equity accounts Jan. Jan 2 Purchased 3,400 shares of its own stock at $25 cash per share. Directors declared a $1.50 per share cash dividend payable on February 28 to the Februar record Feb. 28 Paid the dividend deelared on January 7 July 9 Sold 1,360 of its treasury shares at $30 cash per share. Aug. 27 Sold 1,700 of its treasury shares at $20 cash per share. Sept. 9 Directors declared a s2 per share cash dividend payable on dctober 22 to the Septomber 23 record. Oct 22 Paid the dividend declared on September9 Dec 31 Closed the $56,000 credit balance from net income) in the Income Sunnary account to Retain 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 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017 1 of 1 8 oD FS F2 3. Prepare the stockholders' equity section of the company's balance sheet as of Complete this question by entering your answers in the tabs below nts eBook Required 1 Required 2 Required 3 Hint Ask Print Prepare a statement of retained earnings for the year ended December 31, 2017. (Amou indicated by a minus sign.) ALEXANDER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 References Retained earnings, December 31, 2016 Add: Net income S 354,000 56,000 410,000 Less: Cash dividends declared Less: Treasury stock reissuances etained earnings, December 31, 2017$410,000 Required 1 Required 3 Mc Graw Hin 1 of 1