Knapp Industries began business on January 1, 2018 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 $2.50 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.

b) Prepare the stockholders' equity section of the balance sheet as of December 31, 2018 assuming that the net income for the year was $6,000,000.

Please use the format shown below in the picture. Thank you.

equity section of the balance sheel as of December 31, 2018 assuming that the nel income for the year Oare the Stock 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, 2018 assuming that the net income for the year was $6,000,000. Knapp Industries Stockholders' Equity Balance Sheet as of December 31, 2018 Total Stockholders' Equilty