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Question: alexander corporation reports the following components of stockholders equity on...

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Alexander Corporation reports the following components of stockholders’ equity on December 31, 2016:

Common stock—$25 par value, 60,000 shares authorized,
39,000 shares issued and outstanding
$ 975,000
Paid-in capital in excess of par value, common stock 78,000
Retained earnings 371,000
Total stockholders’ equity $ 1,424,000


In year 2017, the following transactions affected its stockholders’ equity accounts.

Jan. 2 Purchased 3,900 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 1,560 of its treasury shares at $30 cash per share.
Aug. 27 Sold 1,950 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 $61,000 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 2017.
2. Prepare a statement of retained earnings for the year ended December 31, 2017.
3. Prepare the stockholders’ equity section of the company’s balance sheet as of December 31, 2017.

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