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Alexander Corporation reports the following components of stockholders’ equity on December 31, 2017. Common stock—$25 par...

Alexander Corporation reports the following components of stockholders’ equity on December 31, 2017.

Common stock—$25 par value, 50,000 shares authorized,
34,000 shares issued and outstanding		 $ 850,000
Paid-in capital in excess of par value, common stock 68,000
Retained earnings 354,000
Total stockholders’ equity $ 1,272,000


In year 2018, the following transactions affected its stockholders’ equity accounts.

Jan. 2 Purchased 3,400 shares of its own stock at $25 cash per share.
Jan. 7 Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record.
Feb. 28 Paid the dividend declared on January 7.
July 9 Sold 1,360 of its treasury shares at $30 cash per share.
Aug. 27 Sold 1,700 of its treasury shares at $20 cash per share.
Sept. 9 Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record.
Oct. 22 Paid the dividend declared on September 9.
Dec. 31 Closed the $56,000 credit balance (from net income) in the Income Summary account to Retained Earnings.


Required:
1)  Prepare journal entries to record each of these transactions for 2018.
2) Prepare a statement of retained earnings for the year ended December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)
3) Prepare the stockholders’ equity section of the company’s balance sheet as of December 31, 2018. (Amounts to be deducted should be indicated by a minus sign.)

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ekkarill92 answered 2 years ago
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