Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year....
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Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$25 par value, 70,000 shares authorized, 43,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 1,075,000 86,000 385,000 $ 1,546,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,300 shares of its own stock at $25 cash per share. January 7 record. Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of February 28 Paid the dividend declared on January 7. July 9 August 27 September 9 Sold 1,720 of its treasury shares at $30 cash per share. Sold 2,150 of its treasury shares at $21 cash per share. Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record. October 22 Paid the dividend declared on September 9. December 31 Closed the $65,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions. 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. Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions. View transaction list Journal entry worksheet 1 2 5 6 7 Record the purchase of 4,300 shares of its own common stock for $25 cash per share. Note: Enter debits before credits. > Drov 20 of 20 Alex Corporation reports the following components of stockholders' equity at December 31 of the prior year. Common stock-$25 par value, 70,000 shares authorized, 43,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $ 1,075,000 86,000 385,000 $ 1,546,000 During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,300 shares of its own stock at $25 cash per share. January 7 record. Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of February 28 Paid the dividend declared on January 7. July 9 August 27 September 9 Sold 1,720 of its treasury shares at $30 cash per share. Sold 2,150 of its treasury shares at $21 cash per share. Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record. October 22 Paid the dividend declared on September 9. December 31 Closed the $65,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions. 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. Required 1 Required 2 Required 3 Prepare journal entries to record each of these transactions. View transaction list Journal entry worksheet 1 2 5 6 7 Record the purchase of 4,300 shares of its own common stock for $25 cash per share. Note: Enter debits before credits. > Drov 20 of 20
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