Horton Company began business on January 1, 2014 by issuing all of its 1,000,000 authorized shares of its $1 par value common stock for $20 per share. On June 30, they declared a cash dividend of $1 per share to stockholders of record on July 31. They paid the cash dividend on August 30. On November 1, Horton reacquired 200,000 of its own shares of stock for $25 per share. On December 22 they resold half of these shares for $30 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.)

• Record the issue of 1,000,000 authorized shares of $1 par value for $20 per share.
• Record the declaration of the cash dividends of $1 per share.
• Record the payment of the cash dividends of $1 per share.
• Record the repurchase of 200,000 shares for $25 per share.
• Record the reissue of 100,000 share for 30 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 $3,000,000.