Upperchurch Company reports the following components of stockholders' equity on January 1. Common stock-$10 par value, 130,000 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 $214,000 credit balance (from net income) in the Income Summary account to Retained Earnings. General Journal Trial Balance General Requirement Statement of Stockholders impact on Ledger RE Equity Equity General Journal tab - Journalize the transactions related to the notes and accounts payable of Upperchurch Corporation. The General Ledger, Trial Balance and Schedule of Payables will be updated based on your entries. General Ledger tab - One of the advantages of general ledger software is that posting is done automatically to see the detail of all transactions that affect a specific account, or the balance in an account at a specific point in time Iclick on the General Ledger tab. Trial Balance tab - General ledger software also automates the preparation of trial balances. A trial balance lists each account from the General Ledger, along with its balance, either a debit or a credit. Total debits should always equal total credits Statement of Retained Earnings tab - Prepare the Statement of Retained Earnings for the Upperchurch Corporation for the year ended December 31. Stockholders' Equity tab - Prepare the Stockholders' equity section of Upperchurch Corporation's December 31 balance sheet. Impact on Equity tab - For each transaction, indicate the total change in Stockholders' Equity, If any. Verify that total equity, as calculated, agrees with the amount reported on the Stockholders' Equity tab. General Journal Common stock-$10 par value, 130,000 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 $214,000 credit balance (from net income) in the Income Summary account to Retained Earnings. General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Requirement Impact on Equity Prepare the Statement of Retained Earnings for Upperchurch Corporation for the year ended December 31. UPPERCHURCH CORPORATION Statement of Retained Earnings For Year Ended December 31 pperchurch Company reports the following components of stockholders' equity on January 1 Common stock-$10 par value, 130,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earninga 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 Pebruary 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 Cloned the $214,000 credit balance (fron net income) in the Income Summary account to Retained Earnings. Requirement General General Statement of Stockholders Trial Balance Impact on Journal Ledger RE Equity Equity Prepare the stockholders' equity section of Upperchurch Corporation's balance sheet as of December 31, Dates: January 01 to: January 01 UPPERCHURCH CORPORATION Stockholders' Equity Section of the Balance Sheet December 31 Total contributed capital Total stockholders' equity July O DOLO , JU O ato treasury ses 74/ casa per snare. 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 record. October 28 Paid the dividend declared on September 5. December 31 Closed the $214,000 credit balance (from net income) in the Income Summary account to Retained Earning General General Requirement Statement of Stockholders Trial Balance Impact on Journal Ledger RE Equity Equity For each transaction, indicate the impact on total stockholders' equity. Enter decreases to equity as negative values. Verify that total Stockholders' equity as of December 31, as calculated, agrees with the amount reported on the balance sheet. Dates: January 01 to: January 01 Impact on equity $ 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 $214,000 credit balance (from net income) in the Income Summary account to Retained Earnings.