GL1101 (Algo) - Based on Problem 11-2A LO C3, P2, P3

GL1101 (Algo) - Based on Problem 11-2A LO C3, P2, P3 Porter Company reports the following components of stockholders' equity on January 1. $ 400,000 Common stock-$10 par value, 110,000 shares authorized, 40,000 shares issued and outstanding Paid-in capital in excess of par value, common stock 60,000 330,000 Retained earnings Total stockholders' equity $ 790,000 During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 4,000 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. Paid the dividend declared on January 5. February 28 July 6 Sold 2,000 of its treasury shares at $27 cash per share. August 22 Sold 2,000 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 $591,500 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity Prepare the necessary journal entries. If no During the year, the following transactions affected its stockholders' equity accounts. journal entry is required, select "No journal entry required" in the first input box. View transaction list Journal entry worksheet Purchased 4,000 shares of its own stock at $23 cash per share