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Requirement a$.$ Prepare the journal entries required to record each of the following events. $($Record debits first, then credits. Exclude explanations from any journal entries.$)$

Olivia acquired $14,000$ shares of common stock at a cost of $$13$ per share to be retired immediately. $($Round your interim calculation to four decimal places and your final answer to the nearest whole

dollar.$)$

Olivia reported a net loss of $$310,220$ for the year. Close out the Income Summary account at the end of the year. The following shareholders' equity section was taken from the books of Olivia Corporation at th

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Read the requirements.

Olivia reported a net loss of $$310,220$ for the year. Close out the Income Summary account at t

Data table

The company declared and paid a $$1\mathrm{.}50$ per share cash dividend at year$-$end. Begin by preparing the journal entry to record the declaration of the cash dividend.