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Problem 13-2B Balthus Corp. reports the following components of stockholders' equity at December 31 of the prior year. Cash dividends, treasury stock, and statement of retained earnings C3P2P3 It completed the following transactions related to stockholders' equity during the current year. Jan. 10 Purchased 40,000 shares of its own stock at $12 cash per share. Mar. 2 Directors declared a \$1.50 per share cash dividend payable on March 31 to the March 15 stockholders of record. Mar. 31 Paid the dividend declared on March 2. Nov. 11 Sold 24,000 of its treasury shares at $13 cash per share. Nov. 25 Sold 16,000 of its treasury shares at $10.50 cash per share. Dec. 1 Directors declared a $2.50 per share cash dividend payable on January 2 to the December 10 stockholders of record. Dec. 31 Closed the $1,072,000 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. Part 1 Jan. 10 Treasury Stock, Common. Cash. 480,000 Purchased treasury stock (40,000$12). 480,000 Mar. 2 Retained Earnings. 240,000 Common Dividend Payable. 240,000 Declared $1.50 dividend on 160,000 outstanding shares. Mar. 31 Common Dividend Payable. Cash.. 240,000 Paid cash dividend. 240,000 Nov. 11 Cash Treasury Stock, Common Paid-In Capital, Treasury Stock t 288,000 24,000 Reissued treasury stock. "24,000$1324,000$1224,000$1 Nov. 25 Cash Paid-In Capital, Treasury Stock 312,000 Treasury Stock, Common 192,000 Reissued treasury stock. 16,000$10.5016,000$12 Dec. 1 Retained Earnings. 500,000 Common Dividend Payable 500,000 Declared \$2.50 dividend on 200,000 outstanding shares. Dec. 31 Income Summary . 1,072,000 Retained Earnings. 1,072,000 Closed Income Summary account