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The annual report for Malibu Beachwear reported the following transactions affecting stockholders equity:

1. Purchased $350,500 of common stock now held in treasury.
2. Declared cash dividends in the amount of $260,250.
3. Paid the dividends in (b).
4. Issued 105,000 new shares of $0.10 par value common shares for $2 per share.
5. Closed the Dividends account.

2. Prepare journal entries to record each of these events. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Required information (The following information applies to the questions displayed below. The annual report for Malibu Beachwear reported the following transactions affecting stockholders' equity: a. Purchased $350,500 of common stock now held in treasury. b. Declared cash dividends in the amount of $260,250. c. Paid the dividends in (b). d. Issued 105,000 new shares of $0.10 par value common shares for $2 per share. e. Closed the Dividends account. 2. Prepare journal entries to record each of these events. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 34 5 > Record the purchase of $350,500 common stock now held in treasury. Note: Enter debits before credits. Event General Journal Debit Credit a Record entry Clear entry View general journal