| In year 2012, the following transactions affected its stockholders' equity accounts. |
| Jan. |
1 |
|
Purchased 5,500 shares of its own stock at $15 cash per share. |
| Jan. |
5 |
|
Directors declared a $6 per share cash dividend payable on Feb. 28 to the Feb. 5 stockholders of record.
|
| Feb. |
28 |
|
Paid the dividend declared on January 5. |
| July |
6 |
|
Sold 2,063 of its treasury shares at $19 cash per share. |
| Aug. |
22 |
|
Sold 3,437 of its treasury shares at $12 cash per share. |
| Sept. |
5 |
|
Directors declared a $6 per share cash dividend payable on October 28 to the September 25 stockholders of record.
|
| Oct. |
28 |
|
Paid the dividend declared on September 5. |
| Dec. |
31 |
|
Closed the $368,000 credit balance (from net income) in the Income Summary account to Retained Earnings.
prepare journal entries to record each of these transactions for 2012
Prepare a statement of retained earnings for the year ended December 31, 2012
|