Business, 12.03.2020 06:01 codycollier

2 Purchased 4,700 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 1,880 of its treasury shares at $30 cash per share. Aug. 27 Sold 2,350 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 $69,000 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 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 companys balance sheet as of December 31, 2014.(Amounts to be deducted should be indicated by a minus sign.)

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2 Purchased 4,700 shares of its own stock at $25 cash per share. Jan. 7 Directors declared a $1.50 p...

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