Twinings 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. Jan. Jan. Feb. July Aug. Sept. 2 Purchased 5,000 shares of its own stock at $23 cash per share. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. 28 Paid the dividend declared on January 5. 6 Sold 1,900 of its treasury shares at $27 cash per share. 22 Sold 3,100 of its treasury shares at $20 cash per share. 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. 28 Paid the dividend declared on September 5. 31 closed the $365,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Oct. Dec. Requirement General Journal General Ledger Trial Balance Statement of Stockholders Impact on RE Equity Equity Prepare the Statement of Retained Earnings for Twinings Corporation for the year ended December 31. TWININGS CORPORATION Statement of Retained Earnings For Year Ended December 31 0 $ 0 Requirement General Journal General Ledger Trial Balance Statement of Stockholders Impact on RE Equity Equity Prepare the stockholders' equity section of Twinings Corporation's balance sheet as of December 31. Dates: Jan 01 to: Dec 31 TWININGS CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Total contributed capital 0 Total stockholders' equity $ 0