Will Carter Corp. reports the following components of stockholders' equity on January 1, 2016: Common stock - $10 par value, 750,000 shares authorized, 200,000 shares issued and outstanding.$ 2,000,000 Paid-in capital in excess of par value, common stock. 2,100,000 Retained earnings... 3,155,250 Total stockholdersequity...$ 7,255,250 It completed the following transactions related to stockholders' equity in 2016. Jan. 08 Purchased 4,000 shares of its own stock at $20 cash per share. Mar. 8 Directors declared a $1.75 per share cash dividend payable on March 31 to the March 20 stockholders of record. Mar.31 Paid the dividend declared on March 8. Oct.11 Sold 2,400 of its treasury shares at $20.30 cash per share. Nov.25 Sold 1,600 of its treasury shares at $18.75 cash per share. Dec.1 Directors declared a $2.50 per share cash dividend payable on January 10 to the December 10 stockholders of record. Dec.31 Closed the $875,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions for 2016. 2. Prepare a statement of retained earnings in good form for the year ended December 31, 2016. 3. Prepare the stockholders' equity section of the balance sheet in good form at December 31, 2016.