Alexander Corporation reports the following components

of stockholders equity on
Alexander Corporation reports the following components of stockholders equity on

Alexander Corporation reports the following components of stockholders' equity on December

31, 2016:
Common stock-$25 par value, 50,000 shares authorized,
30,000 shares issued and outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 750,000
Paid-in capital in excess of par value, common stock . . . . . . . . . . . . . . . 50,000
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340,000
Total stockholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,140,000
In year 2017, the following transactions affected its stockholders' equity accounts.
Jan. 2 Purchased 3,000 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 1,200 of its treasury shares at $30 cash per share.
Aug. 27 Sold 1,500 of its treasury shares at $20 cash per share.
Sep. 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 $52,000 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.

Alexander Corporation reports the following components of stockholders equity on

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