GL1101 (Algo). Based on Problem 11-2A LO C3, P2, P3 Myconos Company reports the following components of stockholders' equity on January 1 Common stock 510 par value, 130,000 shares authorized, 50,000 shares issued and outstanding Paid. in capital in excess of par value, common stock Retained earnings Total stockholders' equity $500,000 75,000 410,000 $935,000 During the year, the following transactions affected its stockholders' equity accounts Sanuary 2 Purchased 5,000 shares of its own stock at $2cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 23 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 527 cash per share August 22 Sold 2.500 of its treasury shares at $19 cash per share September 5 Directoes 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 $238,000 credit balance (from net income) in the Income Surnary account to Retained tarnings Requirement General Journal General Ledger Trial Balance Statement of Stockholders RE Equity Impact on Equity Prepare the Statement of Retained Earnings for Myconos Corporation for the year ended December 31. MYCONAS CORPORATION Ray 1 of 1 Nax 28 Paid the dividend declared on January 5. July 6 Sold 2,5ee 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 $238,000 credit balance (from net Income) in the Income Summary account to Retained Earnings. Requirement General General Trial Balance Statement of Stockholders Journal Impact on Ledger RE Equity Equity Prepare the Statement of Retained Earnings for Myconos Corporation for the year ended December 31. MYCONOS CORPORATION Statement of Retained Earnings For Year Ended December 31 0 $ 0 Pray 1 of 1 :: Next Juur Louyet RE Euuny culty For each transaction, indicate the impact on total stockholders' equity. Enter decreases to equity as negative values. Verify that total Stockholders' equity as of December 31, as calculated, agrees with the amount reported on the balance sheet. Dates: January 01 to: January 01 Impact on equity Total Stockholders' Equity - January 1 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 Feb 28 to the Feb. 5 stockholders of record February 28) Pald 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 $238,000 credit balance (from net income) in the Income Summary account to Retained Earnings Prey 1 of 1 : Next