Presented below is information related to NewCo Corp shareholder transactions during 2023: 1. On January 1 , the company was formed, and was authorized to issue 400,000 shares of $6 par value common stock. 2. On January 2,220,000 shares were issued for $24 per share. 3. On March 31, NewCo issued a 3:1 stock split. 4. On April 15, NewCo issued and distributed a 5% stock dividend, when the shares were valued at $9 per share. Shareholders with fractional shares were paid cash (totaling 1,320 equivalent whole shares). 5. On June 30 , NewCo declared a cash dividend of $0.30, payable to the shareholders of record on July 15 , to be paid on July 25. 6. On August 2, the company purchases 5,500 shares of the common stock outstanding at $7 per share and retired the shares. 7. On August 15, the company purchases shares of the common stock outstanding at $10 per share and retired the shares. 8. On December 1 , the board of directors declared a property dividend consisting of corporate bonds of Lopez Corporation that NewCo Corp was holding as an investment. The bonds were originally purchased for $1.95 million were classified as held-to-maturity investments. The bonds currently have a fair value of $1.45 million. The property dividend was payable to shareholders of record December 15 , and distributed on December 31. Instructions (a) Prepare the general journal entries necessary to record these transactions. Identify each transaction by the date, and if no entry is required, write "No Entry." (b) How many shares were outstanding as of December 31, 2023