Part A In late 2017, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 6,000,000 shares of common stock carrying a $1 par value, and 2,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2 2018, 4,000,000 shares of the common stock are issued in exchange for cash at an average price of $10 per share. Also on January 2, all 2,000,000 shares of preferred stock are issued at $20 per share. Required: 1. Prepare journal entries to record these transactions. 2 Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2018. (Assume net income for the first quarter 2018 was $1,850,000) Part B During 2018, the Nicklaus Corporation participated in three treasury stock transactions o. On June 30, 2018, the corporation reacquires 270,000 shares for the treasury at a price of $12 per share. b. On July 31, 2018, 35,000 treasury shares are reissued at $15 per share. c. On September 30, 2018, 35,000 treasury shares are reissued at $10 per share. Required 1. Prepare journal entries to record these transactions 2. Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance sheet 2018. (Assume net income for the second and third quarter was $3,350,000) Part C aus Corporation receives permission to replace its $1 par value common stock (6.000.000 shares authorized ing a $ 50 par value. Since the new 4,000,000 shares issued, and 3,800,000 shares outstanding) with a new common stock issue hav par value is one-half the amount of the old, this represents a 2-for-1 stock split. That is, the shareholders will receive t $.50 par stock in exchange for eac wo shares of the h share of the $1 par stock they own The $1 par stock will be collected and destroyed by the