Business, 23.04.2020 19:16 choiboiqg2187

Alexander Corporation reports the following components of stockholders’ equity at December 31, 2018.
Common stock—$25 par value, 70,000 shares authorized, 43,000 shares issued and outstanding $ 1,075,000
Paid-in capital in excess of par value, common stock 86,000
Retained earnings 385,000 Total stockholders’ equity $ 1,546,000

In year 2014, the following transactions affected its stockholders’ equity accounts.

Jan. 2 Purchased 4,400 shares of its own stock at $25 cash per share.

Jan. 7 Directors declared a $1.50 per share cash dividend payable on Feb. 28 to the Feb. 9 stockholders of record.

Feb. 28 Paid the dividend declared on January 7.
July 9 Sold 1,760 of its treasury shares at $30 cash per share.
Aug. 27 Sold 2,200 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 $66,000 credit balance (from net income) in the Income Summary account to Retained Earnings.

1. Prepare journal entries to record each of these transactions for 2014.

2. Prepare a statement of retained earnings for the year ended December 31, 2014. (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, 2014. (Amounts to be deducted should be indicated by a minus sign.)

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Alexander Corporation reports the following components of stockholders’ equity at December 31, 2018....

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