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Required information [The following information applies to the questions displayed below.] The annual report for Malibu Beachwear reported the following transactions affecting stockhoiders' equity: a. Purchased $351,400 of common stock now held in treasury. b. Declared cash dividends in the amount of $260,700. c. Paid the divldends in (b). d. Issued 114.000 new shares of $0.10 par value common shares for $2 per share, e. Closed the Dividends account. 2. Prepare journal entries to record each of these events. (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 1 Record the purchase of $351,400 common stock now held in treasury. 2 Record the cash dividends declared in the amount of $260,700. 3 Record the payment of the dividend. 4 Record the issue of 114,000 new shares of $0.10 par value, for $2 per share. 5 Record the entry to close Dividends account. Journal entry worksheet 245 Record the purchase of $351,400 common stock now held in treasury. Note: Enter debits before credits