Part A In late 2023, the Nicklaus Corporation was formed. The corporate charter authorizes the issuance of 4,000,000 shares of common stock carrying a $1 par value, and 1,000,000 shares of $5 par value, noncumulative, nonparticipating preferred stock. On January 2, 2024, 2,000,000 shares of the common stock are issued in exchange for cash at an average price of $10 per share. Also on January 2, all 1,000,000 shares of preferred stock are issued at $20 per share. Required: 1. Prepare jounal entries to record these transactions. 2. Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2024. (Assume net income for the first quarter 2024 was $1,150,000.) Part B During 2024, the Nicklaus Corporation participated in three treasury stock transactions: a. On June 30, 2024, the corporation reacquires 120,000 shares for the treasury at a price of $12 per share. b. On July 31, 2024, 10,000 treasury shares are reissued at $15 per share. c. On September 30, 2024, 10,000 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 prepared at September 30, 2024. (Assume net income for the second and third quarter was $2,600,000.) Part C On October 1, 2024, Nicklaus Corporation receives permission to replace its $1 par value common stock (4,000,000 shares authorized, 2,000,000 shares issued, and 1,900,000 shares outstanding) with a new common stock issue having a $0.50 par value. Since the new par value is one-half the amount of the old, this represents a 2-for-1 stock split. That is, the shareholders will receive two shares of the $0.50 par stock in exchange for each share of the $1 par stock they own. The $1 par stock will be collected and destroyed by the issuinn comoration) Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Part A Required 1 Part B Required 2 Part B Required 11 Part C Required 2 Part C Required 3 Part C Prepare journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Record the issuance of common shares. Record the issuance of preferred shares. Note: journal entry has been entered Credit income for the fourth quarter was $2,100,000.) 3. Prepare a statement of shareholders' equity for Nicklaus Corporation for 2024. Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Part A Required 1 Part B Required 2 Part B Required 1 Part C Required 2 Part C Required 3 Part C Prepare the shareholders' equity section of the Nicklaus balance sheet as of March 31, 2024. (Assume net income for the first quarter 2024 was $1,150,000.) NICKLAUS CORPORATION Balance Sheet - Shareholders' Equity Section March 31, 2024 Shareholders' equity Total shareholders' equity $ 0 Required 1 Part A Required 2 Part A Required 1 Part B Required 2 Part B Required 1 Part C Required 2 Part C Required 3 Part C Prepare journal entries to record these transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list 1 Record acquisition of treasury stock. 2 Record the reissuance of 10,000 treasury shares on July 31st. 3 Record the reissuance of 10,000 treasury shares on September 30th. journal entry has been entered Note: Record entry Credit Clear entry View general journal Complete this question by entering your ansvars in the tabs below. Required 1 Part A Required 2 Required 1 Part A Part B Required 2 Part B Required 1 Part C Required 2 Part C Required 3 Part C Prepare the Nicklaus Corporation shareholders' equity section as it would appear in a balance sheet prepared at September 30, 2024. (Assume net income for the second and third quarter was $2,600,000.) NICKLAUS CORPORATION Balance Sheet - Shareholders' Equity Section September 30, 2024 Shareholders' equity $ 0 Total shareholders' equity $ 0 < Required 1 Part B Required 1 Part C > Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Part A Required 1 Part B Required 2 Part B Required 1 Part C Required 2 Part C Required 3 Part C Prepare journal entries to record the declaration and payment of these stock and cash dividends. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list View journal entry worksheet Record the entry for the 2-for-1 stock split. Record declaration of cash dividend for common shares and preferred shares. EX Debit Credit 3 Record the entry on date of record. i quired 2 Part C > 4 Record payment of cash dividend for common shares and preferred shares. i 5 Record declaration of common stock dividend. 6 Record distribution of common stock dividend. Note: journal entry has been entered < Previ 10 of 11 Next > Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Part A Required 1 Part B Required 2 Part B Required 1 Part C Required 2 Fart C Required 3 Part C Prepare the December 31, 2024, shareholders' equity section of the balance sheet for the Nicklaus Corporation. (Assume net Income for the fourth quarter was $2,100,000.) NICKLAUS CORPORATION Balance Sheet - Shareholders' Equity Section December 31, 2024 Shareholders' equity $ 0 Total shareholders' equity $ Complete this question by entering your answers in the tabs below. Required 1 Part A Required 2 Part A Required 1 Part B Required 2. Part B Required 1 Part C Required 2 Part C Required 3 Part C Prepare a statement of shareholders' equity for Nicklaus Corporation for 2024. Note: Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign. NICKLAUS CORPORATION Statement of Shareholders' Equity For the Year Ended December 31, 2024 January 2, 2024 Issuance of preferred stock Issuance of common stock Purchase of treasury stock Sale of treasury stock Net income Common cash dividends Preferred cash dividends Stock dividend December 31, 2024 ($ in thousands) Preferred Stock Common Stock Additional Paid-in Capital Retained Earnings Treasury Stock Total Shareholders' Equity 0