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GL1101 - Based on Problem 11-2A LO C3, P2, P3 OnPoint Company reports the following components of stockholders' equity on December 31, 2016: Common stock-$10 par value, 120,000 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 In year 2017, the following transactions affected its stockholders' equity accounts. Jan. 1 Purchased 5,000 shares of its own stock at $23 cash per share. Jan. 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. Feb. 28 Paid the dividend declared on January 5. July 6 Sold 1,900 of its treasury shares at $27 cash per share. Aug . 22 Sold 3,100 of its treasury shares at $20 cash per share. Sept . 5 Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28 Paid the dividend declared on September 5. Dec. 31 Closed the $154,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Requirement General General Ledger Trial Balance Statement of Stockholders Impact on Journal RE Equity Equity 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, 2017, as calculated, agrees with the amount reported on the balance sheet. Dates: Jan 01 V to: Dec 31Dates: Jan 01 to: Dec 31 Impact on equity $ Total Stockholders' Equity - December 31, 2016 $ 985,000 Jan. 1) Purchased 5,000 shares of its own stock at $23 cash per share. Stockholders' equity decreased 115,000 Jan. 5) Directors declared a $2 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record. Feb. 28) Paid the dividend declared on January 5. Jul. 6) Sold 1,900 of its treasury shares at $27 cash per share. Aug. 22) Sold 3, 100 of its treasury shares at $20 cash per share. Sep. 5) Directors declared a $2 per share cash dividend payable on October 28 to the September 25 stockholders of record. Oct. 28) Paid the dividend declared on September 5. Dec. 31) Closed the $154,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Launchpad