3 Smith Analytics, Inc, began business on January 1, 2023. Smith incorporated in the state of Delaware. The incorporation filing provided that S mith was authorized to issue 2,000,000 common shares with a par value of $5 per share. During 2023, the following events occurred. 7 8 January 10,2023 Smith sold 400,000 common shares for $10 per share. 9 10 February 1,2023 Smith purchased a building by exchanging 40,000 shares of common stock. 11 The building was appraised at $420,000 on the date of the exchange. 12 The market price for Smith's common stock was not available. 13 14 March 1,2023 Smith declared and paid a 10% stock dividend to shareholders of record. 15 The Smith stock price was estimated to be $13 on March 1 st. 16 Because the declaration date and payment date are the same, use only one journal entry. 18 19 April 1, 2023 On April 1, 2023, Smith purchased 5,000 common shares from the market for 20$48,000. It is Smith's intent to reissue these shares into the market at a later 21 date. 22 23 May 1, 2023 On May 1, 2023, the Board of Directors of Smith Analyties deciared a $0.50 24 per share cash dividend to shareholders of record on May 15, 2023, and the 25 dividend will be paid on June 1, 2023. 26 27 July 1,2023 On July 1, 2023, Smith sold 2,000 common shares, held in Treasury stock into 28 the market and received $25,500. 29 30 December 31, 2023 For year ended, December 31, 2023, Smith Analytics had a net income of 31 \$625000, no journal entry required. 33 Required: 34 1) Prepare the required joumal entries for January 1 through July 1,2023 listed above. 35 2) Prepare a December 31, 2023 Statement of Stockholders' Equity, use page 1078 as a guide