Mady Entertainment Inc. showed the following equity account balances on the December 31, 2016, balance sheet:

Common shares, unlimited authorized shares, 630,000 shares issued and outstanding	$4,410,000
Retained earnings	2,180,000

During 2017, the following selected transactions occurred:

Apr. 1	Repurchased and retired 166,000 common shares at $8.00 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 $5.00, $4.76, and $4.90 respectively.
20	Distributed the share dividend declared December 1.
31	Closed the credit balance of $1,296,000 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.)

b. Prepare the equity section on the December 31, 2017, balance sheet.

Thank You

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.) View transaction list Journal entry worksheet Record the declaration by the directors of a 2:1 share split effective on this date. Note: Enter debits before credits. Date General Journal Debit Credit June 01, 2017 Record entry Clear entry View general journal 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.) View transaction list Journal entry worksheet Record the declaration of 10% share dividend. Note: Enter debits before credits. Date General Journal Debit Credit December 01, 2017 Record entry Clear entry View general journal 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.) View transaction list Journal entry worksheet Record to distribute share dividend declared December 1. Note: Enter debits before credits. General Journal Debit Credit Date December 20, 2017 Record entry Clear entry View general journal 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.) View transaction list Journal entry worksheet