REPORT AS OF DEC. 31, 2008 Common stock–$10 par value, 100,000 shares authorized 40,000 shares issued and outstanding.

REPORT AS OF DEC. 31, 2008Common stock–$10 par value, 100,000 sharesauthorized 40,000 shares issued and outstanding………………………………… ………..$400,000paid-in capital in excess of par value, common stock……………………………………… ….60,000Retained earnings…………………………………… ………………………………………….. ….270,000Total stockholder’s equity…………………………………….. …………………………………..730,000In 2009 the following transactions affected stockholders’ equity accountsJan. 1 Purchased 40,000 shares of its (the company’s) own stock at $20 cash per share.Jan 5 Directors declared a $2 per share cash divided payable on Feb. 28 to theFeb. 5 stockholders of recordFeb. 28 Paid the divided declared on Jan 5July 6 Sold 1500 of its treasury shares at $24 cash per shareAug. 22 Sold 2500 of its treasury shares at $17 cash per shareSept. 5 Directors declared a $2 per share cash dividend payable on Oct. 28 to the Sept. 25 stockholders of recordOct 28 Paid the dividend declared on Sept. 5Dec. 31 Closed the 388,000 credit balance (from net income) in the Income Summary account to Retained Earnings.I’m supposed to prepare the journal and I think I screwed the whole thing up.I’m suppose to prepare a statement of retained earnings for the year ended December 31, 2009

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