GL$1301($Algo$)-$ Based on Problem $13-2$A LO C$3,$ P$2,$ P$3$ Fairhaven Corporation reports the following components of stockholders$$ equity on January $1.$ Common stock$$$$10$ par value, $130,000$ shares authorized, $50,000$ shares issued and outstanding$ $500,000$Paid$-$in capital in excess of par value, common stock$75,000$Retained earnings$410,000$Total stockholders' equity$ $985,000$ During the year, the following transactions affected its stockholders$$ equity accounts. January $2$Purchased $5,000$ shares of its own stock at $$23$ cash per share.January $5$Directors declared a $$2$ per share cash dividend payable on February $28$ to the February $5$ stockholders of record.February $28$Paid the dividend declared on January $5.$July $6$Sold $2,500$ of its treasury shares at $$27$ cash per share.August $22$Sold $2,500$ of its treasury shares at $$19$ cash per share.September $5$Directors declared a $$2$ per share cash dividend payable on October $28$ to the September $25$ stockholders of record.October $28$Paid the dividend declared on September $5.$December $31$Closed the $$375,500$ credit balance $($from net income$)$ in the Income Summary account to Retained Earnings.