Question: can someone help me with this homework problem, im not sure where i went wrong. Alexander Corporation reports the following components of stockholders' equity at
Alexander Corporation reports the following components of stockholders' equity at December 31, 2019 Common stock-\\$25 par value, 60,000 shares authorlzed, 36 , ece shares issued and outstanding Paid-in capital in excess of par value, comon stock Retained earnings Total stockholders' equity \\( \\begin{array}{r}5900,000 \\\\ 72,090 \\\\ 361,000 \\\\ \\hline 51,333,069 \\\\ \\hline\\end{array} \\) During 2020, the following transactions affected its stockholders equity accounts January 2 purchased 3,600 shares of its oun stock at \\( \\$ 25 \\) cash per share. January 7 Directors declared a \\( \\$ 1,50 \\) per share cash dividend payable on February 28 to the February 9 stockholders of record February 28 paid the dividend declared on January 7. July 9 Sold 1,440 of Its treasury shares at \\( \\$ 30 \\) cash per share. August 27 sold 1 , see of its treasury shares at \\( \\$ 2 \\theta \\) cash per share. septeaber 9 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 \\( \\$ 58,000 \\) credit balance (fron net income) in the Income Sunsary account to Retained Earnings. Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the year ended December \\( 31,2020 \\). 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2020 Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare a statement of retained earnings for the year ended December 31, 2020 . Note: Amounts to be deducted should be indicated by a minus sign
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
