Alexander corporation reports the following components of stockholders’ equity on december 31, 2016:

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 2017, 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 february 28 to the february 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 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.

Harwood company uses a job-order costing system that applies overhead cost to jobs on the basis of machine-hours. the company's predetermined overhead rate of $2.50 per machine-hour was based on a cost formula that estimates $240,000 of total manufacturing overhead for an estimated activity level of 96,000 machine-hours. required: 1. assume that during the year the company works only 91,000 machine-hours and incurs the following costs in the manufacturing overhead and work in process accounts: compute the amount of overhead cost that would be applied to work in process for the year and make the entry in your t-accounts. 2a. compute the amount of underapplied or overapplied overhead for the year and show the balance in your manufacturing overhead t-account. 2b. prepare a journal entry to close the company's underapplied or overapplied overhead to cost of goods sold.

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Cardinal company is considering a project that would require a $2,725,000 investment in equipment with a useful life of five years. at the end of five years, the project would terminate and the equipment would be sold for its salvage value of $400,000. the company’s discount rate is 14%. the project would provide net operating income each year as follows: sales $2,867,000 variable expenses 1,125,000 contribution margin 1,742,000 fixed expenses: advertising, salaries, and other fixed out-of-pocket costs $706,000 depreciation 465,000 total fixed expenses 1,171,000 net operating income $571,000 1. which item(s) in the income statement shown above will not affect cash flows? (you may select more than one answer. single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. any boxes left with a question mark will be automatically graded as incorrect.) (a)sales (b)variable expenses (c) advertising, salaries, and other fixed out-of-pocket costs expenses (d) depreciation expense 2. what are the project’s annual net cash inflows? 3.what is the present value of the project’s annual net cash inflows? (use the appropriate table to determine the discount factor(s) and final answer to the nearest dollar amount.) 4.what is the present value of the equipment’s salvage value at the end of five years? (use the appropriate table to determine the discount factor(s) and final answer to the nearest dollar amount.) 5.what is the project’s net present value? (use the appropriate table to determine the discount factor(s) and final answer to the nearest dollar amount.)