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The following shareholders' equity section was taken from the books of the Clarissa Corporation at the beginning of the current year EEB(Click the icon to view the data.) Read the requirements Requirement a. Prepare the journal entries required to record each of the following events. (Record debits first, then credits. Exclude explanations from any journal entries.) X 7 per share. Data Table Common Stock, $20 par value, 1,000,000 shares authorized, 06,000 44,700 shares issued and outstanding 894,000 Additional Paid-in Capital in Excess of Par Common 100,575 Additional Paid-in Capital from Treasury Stock Transactions 0 Retained Earnings 1,980,000 Print Done X Requirements Additional Paid-in Capital from Treasury Stock Transact Prepare the journal entries required to record each of the following events: a. Clarissa acquired 18,000 shares of common stock to be held in the treasury at a cost of $17 per share. Clarissa sold 4,900 shares of treasury stock at $23 per share. Clarissa sold 7,100 shares of treasury stock at $6 per share. Clarissa sold 7,100 shares of treasury stock at $6 per share. Account Cash Clarissa reported a net loss of $310,220 for the year. Additional Paid-in Capital from Treasury Stock Transactions The company declared and paid a $2.10 per share cash dividend at year-end. Retained Earnings b. Prepare the shareholders' equity section at the end of the year. Treasury Stock Claric ronortod a nnt locs af S310 220 for thn voar Closo Print Done Choose from any list or enter any number in the input fiel Requirement a. Prepare the journal entries required to record each of the following events. (Record debits first, then credits. Exclude explanation journal entries.) Clarissa acquired 18,000 shares of common stock to be held in the treasury at a cost of $17 per share. ccount Current Year Treasury Stock 306,000 306,000 Cash Clarissa sold 4,900 shares of treasury stock at $23 per share. Account Current Year 112,700 Cash Treasury Stock 83,300 Additional Paid-in Capital from Treasury Stock Transactions 29,400 Clarissa sold 7,100 shares of treasury stock at $6 per share. Account Current Year Cash 42,600 Additional Paid-in Capital from Treasury Stock Transactions 29,400 Retained Earnings 48,700 Treasury Stock 120,700 Clarissa reported a net loss of $310,220 for the year. Close out the Income Summary account at the end of the year. |ccount Current Year 310,220 Retained Earnings Income Summary 310,220 The company declared and paid a $2.10 per share cash dividend at year-end. Begin by preparing the journal entry to record the declaration of the cash dividend |count Current Year Dividends - Common Stock 81,270 Dividend Payable 81,270 Now prepare the journal entry to record the payment of the cash dividend |ccount Current Year Dividend Payable 81,270 81,270 Cash Requirement b. Prepare the shareholders' equity section at the end of the year. (Enter the accounts in the proper order for the stockholders' equity section c the balance sheet. Use parentheses or a minus sign for loss amounts and/or numbers to be subtracted.) Current Year Account Dividend Payable 81,270 Cash 81,270 Requirement b. Prepare the shareholders' equity section at the end of the year. (Enter the accounts in the proper order for the stockholders' equity section of the balance sheet. Use parentheses or a minus sign for loss amounts and/or numbers to be subtracted.) Stockholders' Equity Balance 44,700 shares issued Common Stock, $20 par value, 38,700 shares outstanding 894,000 100,575 Additional Paid-in Capital in Excess of Par - Common 994,575 Total Contributed Capital 1539360 Retained Earnings Total Contributed Capital and Retained Earnings 2533935 12000 Less: Cost of Treasury Stock 6,000 shares at cost 2545935 Total Stockholders' Equity Choose from any list or enter any numberin the input fields and then click Check