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Common stock-\$10 par value, 100,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, conmon stock Retained earnings Total stockholders: equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 shares of its own stock at $2 cash per share. January 5 Directors dectared 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 2,000 of its treasury shares at $24 cash per share. August 22 Sold 2 , 000 of its treasury shares at $16 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 Septenber 5. Decenber 31 Closed the $388,000 credit batance (fron net income) in the Income Sunmary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31 . 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. \begin{tabular}{|c|c|c|c|c|c|} \hline & 1 & January 02 & Treasury stock, Common & 80,000 & \\ \hline & & & Cash & & 80,000 \\ \hline> & 2 & January 05 & & & \\ \hline & & Jantualy us & Retained earnings & 72,000 & \\ \hline & & & Common dividend payable & & 72,000 \\ \hline> & 3 & February 28 & Common dividend payable & 72,000 & \\ \hline & & & Cash & & 72,000 \\ \hline 1 & 4 & July 06 & Cash & 48,000 & \& \\ \hline & & & Treasury stock, Common & & 48,000 \\ \hline & & & Paid-in capital, Treasury stock & & \\ \hline> & 5 & August 22 & Cash & 32,000 & \\ \hline & & & Paid-in capital, Treasury stock & 8,000 & \\ \hline & & & Treasury stock, Common & & 40,000 \\ \hline & 6 & September 05 & Retained earnings & 80,000 & \\ \hline & & & Common dividend payable & & 80,000 \\ \hline & & & & & \\ \hline & 7 & October 28 & Common dividend payable & 80,000 & \\ \hline & & & Cash & & 80,000 \\ \hline / & & & & & \\ \hline 101 & 8 & December 31 & Income summary & 388,000 & \\ \hline \end{tabular} Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31. 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Prepare a statentent of retained earnings for the current year ended December 31. (Amounts to be deducted should be indicated by a minus sign.) Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the current year ended December 31. 3. Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year. Complete this question by entering your answers in the tabs below. Prepare the stockholders' equiky section of the balance sheet as of December 31 of the current year