Alexander Corporation reports the following components of stockholders’ equity on December 31, 2013:

Alexander Corporation reports the following components of stockholders’ equity on December 31, 2013:

 

Common stock—$25 par value, 50,000 shares authorized,     30,000 shares issued and outstanding		$	750,000
Paid-in capital in excess of par value, common stock			50,000
Retained earnings			340,000
Total stockholders’ equity		$	1,140,000

In year 2014, the following transactions affected its stockholders’ equity accounts.

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 Feb. 28 to the Feb. 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.
Aug.	27	Sold 1,500 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 $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 2014. Explanation: 1.   Jan. 2   Purchased treasury stock (3,000 × $25) = $75,000         Jan. 7   Declared $1.50 dividend per share on 27,000 outstanding shares = $40,500         July 9   Cash (1,200 × $30) = $36,000     Treasury Stock, Common (1,200 × $25) = $30,000     Paid-In Capital, Treasury Stock (1,200 × $5) = $6,000         Aug. 27   Cash (1,500 × $20) = $30,000     Treasury Stock, Common (1,500 × $25) = $37,500         Sept. 9   Declared $2 dividend on 29,700 outstanding shares = $59,400