Required information

[The following information applies to the questions displayed below.]

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

1. Purchased $351,600 of common stock now held in treasury.
2. Declared cash dividends in the amount of $260,800.
3. Paid the dividends in (b).
4. Issued 116,000 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 $351,600 of common stock now held in treasury b. Declared cash dividends in the amount of $260,800 c. Paid the dividends in (b). d. Issued 116,000 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 2 4 Record the purchase of $351,600 common stock now held in treasury Note: Enter debits before credits. Event Debit General Journal Credit Record entry Clear entry View general journal Journal entry worksheet 4 Record the cash dividends declared in the amount of $260,800 Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet 4 Record the payment of the dividend. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general journal rWOTRsinee 2 4 Record the issue of 116,000 new shares of $0.10 par value, for $2 per share. Note: Enter debits before credits. Debit Event General Journal Credit Clear entry Record entry View general journal 2 4 Record the entry to close Dividends account. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal