Knapp Industries began business on January 1, 2018 by issuing all of its 1.200,000 authorized shares of its $2 par value common stock for $23 per share on June 30, Knapp declared a cash dividend of $175 per share to stockholders of record on July 31. Knapp paid the cash dividend on August 30 on November 1 Knapp reacquired 240,000 of its own shares of stock for $28 per share On December 22. Knapp resold 120.000 of these shares for $34 per share Required: a. Prepare all of the necessary journal entries to record the events descnbed above b. Prepare the stockholders' equity section of the balance sheet as of December 31, 2018 assuming that the net income for the year was $4,500,000 Complete this question by entering your answers in the table below. Required a Required a Prepare all of the necessary fournal entries to record the events described above. (if no entry is required for a transactionevent, select "No Journal Entry Required in the first account field.) View transaction fist Journal entry worksheet Record the payment of the cash dividends of $1.75 per share. Note: Enter debits before credits. General Journal Debit Credit Transaction 3 Record entry Clear entry View general journal Journal entry worksheet 5. Record the reissue of 120,000 share for 34 per share. Note: Enter debits before credits. General Journal Debit Credit Transaction 5 Record entry Clear entry View general journal Knapp Industries began business on January 1, 2018 by issuing all of its 1,200,000 authorized shares of its $2 par value common stock for $23 per share on June 30, knapp declared a cash dividend of $175 per share to stockholders of record on July 31 Knapp paid the cash dividend on August 30 On November 1 Knapp reacquired 240,000 of its own shares of stock for $28 per share. On December 22, Knapp resold 120.000 of these shares for $34 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, 2018 assuming that the net income for the year was $4,500,000 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 $4,500,000 Knapp Industries Stockholders' Equity Balance Sheet as of December 31, 2018 Total Stockholders' Equity