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ABC Corp reports the following transactions related to stockholder's equity durring the current year: Common Stock - $1 par value, 320,000 shares authorized, 200,000 shares issued and outstanding 200,000 Paid in capital in excess of par value, common stock 1,400,000 Retained earnings 2,160,000 Total stockholders' equity 3,760,000 ABC completed the following transactions related to its stockholders' equity during the current year: 10-Jan Purchased 40,000 shares of its own stock at $12 per share 2-Mar Directors declared a $1.50 per share cash dividend payable on March 31 to the March 15 stockholders of record (hint: treasury shares are no longer outstanding) 31-Mar Paid the dividend declared on March 2 11-Nov Sold 24,000 of its treasury shares at $13 cash per share 25-Nov Sold 16,000 of its treasury shares at $8 cash per share 1-Dec Directors declared a $2.50 per share cash dividend payable on January 2 to the December 10 stockholders of record (hint: treasury shares are sold and outstanding again) 31-Dec Closed the $1,072,000 credit balance (from net income) in the Income Summary account to Retained Earnings REQUIREMENTS: 1 Prepare journal entries for each of these transactions 2 Prepare a statement of retained earnings for the current year ended December 31 3 Prepare the stockholders' equity section of the balance sheet as of December 31 of the current year

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