Mady Entertainment Inc. showed the following equity account balances on the December 31,2022 , balance sheet: During 2023 , the following selected transactions occurred: Apr. 1 Repurchased and retired 152,000 common shares at $9.60 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 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 $6.60, $6.36, and $6.50, respectively. 20 Distributed the share dividend declared December 1. 31 Closed the credit balance of $756,000 in 31 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. b. Prepare the equity section on the December 31,2023 , balance sheet