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	$ 500,000
Paid-in capital in excess of par value, common stock	75,000
Retained earnings	410,000
Total stockholders' equity	$ 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 $365,000 credit balance (from net income) in the Income Summary account to Retained Earnings.