Horton Company began business on January 1, 2014 by issuing all of its 2,100,000 authorized shares of its $1 par value common stock for $40 per share. On June 30, they declared a cash dividend of $1.75 per share to stockholders of record on July 31. They paid the cash dividend on August 30. On November 1, Horton reacquired 420,000 of its own shares of stock for $45 per share. On December 22 they resold half of these shares for $51 per share.

a. Prepare all of the necessary journal entries to record the events described above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Record the issue of 2,100,000 authorized shares of $1 ar value for $40 per share. 1 40 per 2 Record the declaration of the cash dividends of $1.75 per share. Record the payment of the cash dividends of $1.75 per share 3 Credit Record the repurchase of 420,000 shares for $45 per share. 4 5 Record the reissue of 210,000 share for 51 per share. b. Prepare the Stockholders' Equity section of the Balance sheet as of 12/31/2014 assuming that the Net Income for the year was $13,000,000. HORTON COMPANY Stockholders' Equity Balance Sheet as of 12/31/2014 Total Stockholders' Equilty