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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, 40,000 shares issued and outstanding	$	1,000,000
Paid-in capital in excess of par value, common stock		80,000
Retained earnings		375,000
Total stockholders equity	$	1,455,000

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

Jan.		2		Purchased 4,000 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 1,600 of its treasury shares at $30 cash per share.
Aug.		27		Sold 2,000 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 $62,000 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 companys balance sheet as of December 31, 2017. Complete this question by entering your answers in the tabs below.

Prepare journal entries to record each of these transactions for 2017.

Record the purchase 4,000 shares of its own common stock for $25 cash per share.

Date	General Journal	Debit	Credit
Jan 02

Record the declaration of a cash dividend of $1.50 per share.

Date	General Journal	Debit	Credit
Jan 07

Record the payment of the cash dividend declared on January 7.

Date	General Journal	Debit	Credit
Feb 28

Record the reissue of 1,600 shares of the treasury stock for $30 cash per share.

Date	General Journal	Debit	Credit
Jul 09

Record the reissue of 2,000 shares of the treasury stock for $20 cash per share.

Date	General Journal	Debit	Credit
Aug 27

Record the declaration of a cash dividend of $2 per share.

Date	General Journal	Debit	Credit
Sep 09

Record the payment of the cash dividend declared on September 9.

Date	General Journal	Debit	Credit
Oct 22

Record the transfer of the credit balance of $62,000 in the income summary account to the retained earnings account.

Date	General Journal	Debit	Credit
Dec 31

Prepare a statement of retained earnings for the year ended December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.)

	ALEXANDER CORPORATION Statement of Retained Earnings For Year Ended December 31, 2017 $0 $0 Prepare the stockholders equity section of the companys balance sheet as of December 31, 2017. (Amounts to be deducted should be indicated by a minus sign.) ALEXANDER CORPORATION Stockholders Equity Section of the Balance Sheet December 31, 2017 Total stockholders equity $0

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