Please don't give image format Alexander Corporation reports the following components of stockholders' equity at December 31, 2019Common stock-$25 par value, 60,000 shares authorized, 39,eee shares issued and outstandingPaid-in capital in excess of par value, common stockRetained earningsTotal stockholders' equityDuring 2020, the following transactions affected its stockholders' equity accounts.January 2 Purchased 3,900 shares of its own stock at $25 cash per share.January 7 Directors declared a $1.50 per share cash dividend payable on February 28 to the February 9 stockholders of record.February 28 Paid the dividend declared on January 7.July 9 Sold 1,560 of its treasury shares at $30 cash per share.August 27 Sold 1,950 of its treasury shares at $20 cash per share.September 9 Directors declared a $2 per share cash dividend payable on October 22 to the September 23 stockholders of record.October 22 Paid the dividend declared on September 9.December 31 Closed the $61,eee credit balance (from net income) in the Income Summary account to Retained Earnings.Required:1. Prepare journal entries to record each of these transactions.2. Prepare a statement of retained earnings for the year ended December 31, 2020.3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2020.Answer is not complete.Complete this question by entering your answers in the tabs below.Required 1 Required 2. Required 3Prepare a statement of retained earnings for the year ended December 31, 2020.Note: Amounts to be deducted should be indicated by a minus sign.ALEXANDER CORPORATIONStatement of Retained EarningsFor Year Ended December 31, 2020Beginning retained earningsAdd: Net incomeLess Cash dividends declaredLess Treasury stock reissuancesEnding retained earnings00000$$00

a) Calculation of Shares outstanding on 9 Feb No of shares outstanding on 31 Dec-2019 = 39000less:…

Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the year ended December 31, 2020. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2020

Required: 1. Prepare journal entries to record each of these transactions. 2. Prepare a statement of retained earnings for the year ended December 31, 2020. 3. Prepare the stockholders' equity section of the company's balance sheet as of December 31, 2020

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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