Knapp Industries began business on January $1,2021$ by issuing all of its $1,350,000$ authorized shares of its $$1$ par value common stock for $$26$ per share. On June $30,$ Knapp declared a cash dividend of $$2\mathrm{.}50$ per share to stockholders of record on July $31.$ Knapp paid the cash dividend on August $30.$ On November $1,$ Knapp reacquired $270,000$ of its own shares of stock for $$31$ per share. On December $22,$ Knapp resold $135,000$ of these shares for $$37$ per share.

Required:

a$.$ Prepare all of the necessary journal entries to record the events described above.

b$.$ Prepare the stockholders' equity section of the balance sheet as of December $31,2021$ assuming that the net income for the year was $$6,000,000.$

Complete this question by entering your answers in the table below.

Required $A$

Required B

Prepare the stockholders' equity section of the balance sheet as of December $31,2$ year was $$6,000,000.$

$\backslash$table$[[$Knapp Industries$],[$Stockholders$\text{'}$ Equity$],[,],[,],[,],[,],[,],[,],[$Total Stockholders' Equilty,$]]$