Houghton Company began business on January 1, 2015 by issuing all of its 1,650,000 authorized shares of its $1 par value common stock for $32 per share. On June 30, Houghton declared a cash dividend of $1.75 per share to stockholders of record on July 31. Houghton paid the cash dividend on August 30. On November 1, Houghton reacquired 330,000 of its own shares of stock for $37 per share. On December 22, Houghton resold 165,000 of these shares for $43 per share.

Required:

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.)

Transaction	General Journal	Debit	Credit
1	Cash	57,750,000
	Common Stock		57,750,000
2	Retained Earnings	2,887,500
	Dividends (Declared)		2,887,500
3	Retained Earnings	2,887,500
	Dividends Payable		2,887,500
4	Treasury Stock	12,210,000
	Cash		12,210,000
5	Cash	7,095,000
	Treasury Stock		7,095,000

b.	Prepare the stockholders' equity section of the balance sheet as of December 31, 2015 assuming that the net income for the year was $9,000,000.

HOUGHTON COMPANY
Stockholders Equity
Balance Sheet as of 12/31/2015
Preferred Stock
Common Stock
Additional Paid-in Capital
	0
Less: Treasury Stock
Total Stockholders' Equilty

I am not sure if I did any of this right. Please help!