January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 s record. =ebruary 28 Paid the dividend declared on January 5 . July 6 Sold 2,500 of its treasury shares at $27 cash per share. August 22 Sold 2,500 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on 0ctober 28 to the September 25 record. October 28 Paid the dividend declared on September 5 . December 31 Closed the $270,000 credit balance (from net income) in the Income Summary account to Reta January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 s record. Eebruary 28 Paid the dividend declared on January 5. July 6 Sold 2,500 of its treasury shares at $27 cash per share. August 22 Sold 2,500 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on 0ctober 28 to the September 25 record. 0ctober 28 Paid the dividend declared on September 5. December 31 Closed the $270,000 credit balance (from net income) in the Income Summary account to Reta Answer is not complete. Prepare the stockholders' equity section of Lafayette Corporation's balance sheet as of December 31 . For each transaction, indicate the impact on total stockholders' equity. Enter decreases to equity as negative values. Verify that total Stockholders' equity as of December 31, as calculated, agrees with the amount reported on the balance sheet. During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,500 of its treasury shares at $27 cash per share. August 22 Sold 2,500 of its treasury shares at $19 cash per share. September 5 Directors declared a \$2 per share cash dividend payable on 0ctober 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $270,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Answer is not complete. During the year, the following transactions affected its stockholders' equity accounts. Prepare the necessary journal entries. If no journal entry is required, select "No journal entry required" in the first input box. Common stock- $10 par value, 130,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity $500,00075,000410,000$985,000 During the year, the following transactions affected its stockholders' equity accounts. January 2 Purchased 5,000 shares of its own stock at $23 cash per share. January 5 Directors declared a $2 per share cash dividend payable on February 28 to the February 5 stockholders of record. February 28 Paid the dividend declared on January 5. July 6 Sold 2,500 of its treasury shares at $27 cash per share. August 22 Sold 2,500 of its treasury shares at $19 cash per share. September 5 Directors declared a $2 per share cash dividend payable on 0ctober 28 to the September 25 stockholders of record. October 28 Paid the dividend declared on September 5. December 31 Closed the $270,000 credit balance (from net income) in the Income Summary account to Retained Earnings. Answer is not complete. Prepare the Statement of Retained Earnings for Lafayette Corporation for the year ended December 31