Jan. 2 purchased 3,000 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 1,200 of its treasury shares at $30 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 $52,000 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.
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Jan. 2 purchased 3,000 shares of its own stock at $25 cash per share. jan. 7 directors declared a $1...
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