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

$$4,130,000$

Retained earnings

$2,380,000$During $2023,$ the following selected transactions occurred:

Apr. $1$ Repurchased and retired $158,000$ common shares at $$7\mathrm{.}80$ 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 $10\%$ share dividend to shareholders of record on December $10,$ distributable December $20.$ The market prices of the

shares on December $1,$ December $10,$ and December $20$ were $$4\mathrm{.}80,$$$4\mathrm{.}56,$ and $$4\mathrm{.}70,$ respectively.

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

$31$ Closed the credit balance of $$756,000$ 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.$)$

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