Alexander Corporation reports the following components of stockholders’ equity on December 31, 2016: Common stock—$25 par value, 60,000 shares authorized, 35,000 shares issued and outstanding $ 875,000 Paid-in capital in excess of par value, common stock 70,000 Retained earnings 357,000 Total stockholders’ equity $ 1,302,000 In year 2017, the following transactions affected its stockholders’ equity accounts. Jan. 2 Purchased 3,500 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 1,400 of its treasury shares at $30 cash per share. Aug. 27 Sold 1,750 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 $57,000 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 2017. 2. Prepare a statement of retained earnings for the year ended December 31, 2017. 3. Prepare the stockholders’ equity section of the company’s balance sheet as of December 31, 2017.