Mady Entertainment Inc. showed the following equity account balances on the December $31,2022,$ balance sheet:

Comnon shares, unlimited authorized shares, $530,000$ shares

issued and outstanding

Retained earnings

$$4,240,000$

$2,680,000$

During $2023,$ the following selected transactions occurred:

Apr. $1$ Repurchased and retired $146,000$ common shares at $$8\mathrm{.}60$ per share; this is the first retirement recorded by Mady.

June $1$ Declared a $2$:$1$ share split to shareholders of record on June $12,$ distributable June $30$

Dec. $1$ Declared a $104$ share dividend to shareholders of record on December $10,$ distributable December $20.$ The narket

prices of the shares on December $1,$ December $10,$ and December $20$ were $$5\mathrm{.}60,$$$5\mathrm{.}36,$ and $$5\mathrm{.}50,$ respectively.

$20$ Distributed the share dividend declared December $1.$

$31$ Closed the credit balance of $$756,080$ in the Income Summary account.

Required:

a$.$ Journalize the transactions above $($assuming the retirements were the first ever recorded by Mady Entertainment Inc.$).$ The company

does not use a share dividends account. $($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the

first account field.$)$

$1$ Record the retirement of shares.

$2$ Record the declaration by the directors of a $2$:$1$ share

split effective on this date.

$3$ Record the declaration of $10\%$ share dividend.

$4$ Record to distribute share dividend declared December $1.$

$5$ Record the closure of the Income Summary account.

Note : $0=$ journal entry has been entered

b$.$ Prepare the equity section on the December $31,2023,$ balance sheet.