Common stock-$20 par value, 100,000 shares authorized, 45,000 shares issued and outstanding Paid-in capital in excess...

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Common stock-$20 par value, 100,000 shares authorized, 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $15 cash per share. January 5 February 28 July 6 August 22 September 5 $ 900,000 80,000 400,000 $ 1,380,000 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. Paid the dividend declared on January 5. Sold 2,500 of its treasury shares at $19 cash per share. Sold 2,500 of its treasury shares at $11 cash per share. Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $368,000 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. Answer is not complete. 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. No 1 Date January 02 General Journal Debit Credit Treasury stock, Common 75,000 Cash 75,000 2 January 05 Retained earnings Common dividend payable 3 February 28 Common dividend payable Cash 4 July 06 Cash Treasury stock, Common Paid-In capital, Treasury stock 80,000 80,000 80,000 80,000 47,500 47,500 47,500 5 August 22 Cash 27,500 Paid-In capital, Treasury stock 10,000 Retained earnings 0 Treasury stock, Common 47,500 6 September 05 Retained earnings 90,000 Common dividend payable 90,000 7 October 28 Common dividend payable Cash 90,000 90,000 8 December 31 Income summary Retained earnings 368,000 368,000 Common stock-$20 par value, 100,000 shares authorized, 45,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity During the current year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $15 cash per share. January 5 February 28 July 6 August 22 September 5 $ 900,000 80,000 400,000 $ 1,380,000 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. Paid the dividend declared on January 5. Sold 2,500 of its treasury shares at $19 cash per share. Sold 2,500 of its treasury shares at $11 cash per share. Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $368,000 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. Answer is not complete. 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. No 1 Date January 02 General Journal Debit Credit Treasury stock, Common 75,000 Cash 75,000 2 January 05 Retained earnings Common dividend payable 3 February 28 Common dividend payable Cash 4 July 06 Cash Treasury stock, Common Paid-In capital, Treasury stock 80,000 80,000 80,000 80,000 47,500 47,500 47,500 5 August 22 Cash 27,500 Paid-In capital, Treasury stock 10,000 Retained earnings 0 Treasury stock, Common 47,500 6 September 05 Retained earnings 90,000 Common dividend payable 90,000 7 October 28 Common dividend payable Cash 90,000 90,000 8 December 31 Income summary Retained earnings 368,000 368,000