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Alexander Corporation reports the following components of stockholders equity on December 31, 2016:
| | | | |
| Common stock$25 par value, 60,000 shares authorized, 37,000 shares issued and outstanding | $ | 925,000 | |
| Paid-in capital in excess of par value, common stock | | 74,000 | |
| Retained earnings | | 364,000 | |
| Total stockholders equity | $ | 1,363,000 | |
| |
In year 2017, the following transactions affected its stockholders equity accounts.
| Jan. | | 2 | | Purchased 3,700 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 1,480 of its treasury shares at $30 cash per share. |
| Aug. | | 27 | | Sold 1,850 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 $59,000 credit balance (from net income) in the Income Summary account to Retained Earnings. |
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