The stockholders’ equity section of Siri Stores, Inc.’s balance sheet at December 31, 2021, follows:

During 2022, Siri completed the following transactions:

• November 9: Purchased 3,000 shares of its own stock to be held in the treasury. The cost per share was $21.

• November 17: Declared and paid a cash dividend of $6 per share.

• November 30: Sold 1,800 treasury shares for $15 per share. Assume FIFO is used.

• December 31: Declared and paid a cash dividend of $6 per share.

• December 31: Wrote down an available-for-sale debt investment by $23,500.

• December 31: Reported $50,000 net income for the year and closed net income, other comprehensive income, and dividend accounts.

Required

a. Prepare the journal entries required to reflect those transactions.

b. Based on the information provided, prepare the stockholders’ equity section for Siri at December 31, 2022, and the relevant t-accounts.

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Stockholders' Equity Common Stock: no-par, $3 stated value, 80,000 shares authorized, 50,000 shares issued, and 40,500 shares outstanding Additional Paid-in Capital in Excess of Stated Value - Common Retained Earnings Less: Cost of Treasury Stock (9,500 shares) Total Stockholders' Equity $ 150,000 300,000 940,000 (199,500) $1,190,500