Exercise 13-8 Share dividends, share splits, retirements, equity section of balance sheet L01, 2 Mady Entertainment Inc showed the following equity account balances on the December 31, 2019, balance sheet Common shares, unlimited authorized shares, 570,000 shares issued and outstanding Retained earnings $4,560,000 2, 480,000 During 2020, the following selected transactions occurred: Apr. 1 Repurchased and retired 154,000 common shares at $8.80 per share; this 13 the first retirement recorded by Mady. June 1 Declared = 2:1 share split to shareholders of record on June 12, distributable June 30. Dec. 1 Declared a 10% share dividend to shareholders of record on December 10, distributable December 20. The market prices of the shares on December 1, December 10, and December 20 were $5.80, $5.56, and $5.70, respectively. 20 Distributed the share dividend declared December 1. 31 closed the credit balance of 5756,000 in the Income Summary account. Required: e. Journalize the transactions above (assuming the retirements were the first ever recorded by Mady Entertainment Inc.). The company does not use a share dividends account (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction fist Journal entry worksheet