Ch 11 Ex 11-18 6 Help Save & B Ch 1 Exercise 11-18 Cash dividends, treasury stock, and statement of retained earnings LO C3, P2, P3 Alexander Corporation reports the following components of stockholders' equity on December 31, 2016: 18 36,000 shares issued and outstanding Paid-in capital in excess of par value, common stock s 900,000 72,000 361,000 Retained earnings Total stockholders equity In year 2017, the following transactions affected its stockholders equity accounts Jan. 7 Directors declared a $1.50 per share cash dividend payable on P $1,333,000 Print ReferencesJan. 2 Purchased 3,600 shares of its own stock at $25 cash ebruary 28 to the Tebruary 9 stockholders ot record Feb. 28 Paid the dividend declared on January 7, July 9 Sold 1,440 of its treasury shares at 530 eash per ahar Aug. 27 Sold 1,800 of its treasury sha Sept, 9 Directors declared a $2 per share cash dividend payable on oetober 22 to the September 23 a res at $20 cash per share. record oct. 22 Paid the dividend declared on september 9. Dec. 31 Closed the $58,000 credit balance (tzom net incone1 in the Income Summary Required: 1. Prepare journal entries to record each of these transactions for 2017 2. Prepare a statement of retained earnings for the year ended December 31. 2017 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2017