shares of Houghton Company began business on January 1, 2015 by issuing all of its 1,900.000 authorized its $2 par value common stock for $37 per share. On June 30, Houghton declared a cash dividend of $1.00 per share to stockholders of record on July 31. Houghton paid the cash dividend on August 30. On November 1, Houghton reacquired 380,000 of its own shares of stock for $42 per share. On December 22 Houghton resold 190,000 of these shares for $48 per share. Required: a. Prepare all of the necessary journal entries to record the events described above. (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 Record the issue of 1,900,000 authorized shares of $2 par value for $37 per share. Note: Enter debits before credits. Transaction General Journal DebitCredit Record entry Clear entry View general journal b. Prepare the stockholders' equity section of the balance sheetas of nenem the net inc Houghton Company began business on January 1, 2015 by issuing all of its 1,900,000 authorized shares of its $2 par value common stock for $37 per share. On June 30, Houghton declared a cash dividend of $1.00 per share to stockholders of record on July 31. Houghton paid the cash dividend on August 30. On November 1. Houghton reacquired 380,000 of its own shares of stock for $42 per share. On December 22, Houghton resold 190.000 of these shares for $48 per share. Required: a. Prepare all of the necessary journal entries to record the events described above. (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 3 5 2 Record the declaration of the cash dividends of $1.00 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal repare the stockholders' equity seation of the bslance sheet as of Decemper 31. 2015 assuming that the net income for the year was $11,500,000 HOUGHTON COMPANY Houghton Company began business on January 1, 2015 by issuing all of its 1,900,000 authorized shares of its $2 par value common stock for $37 per share. On June 30, Houghton declared a cash dividend of $1.00 per share to stockholders of record on July 31. Houghton paid the cash dividend on August 30. On November 1, Houghton reacquired 380,000 of its own shares of stock for $42 per share. On December 22, Houghton resold 190,000 of these shares for 548 per share. Required: a. Prepare all of the necessary journal entries to record the events described above. (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 Record the payment of the cash dividends of $1.00 per share. Note: Enter debits before credits. General Journal Transaction Debit Credit Record entry Clear entry View general journal b. Prepare the stookho ders equity section of the balance sheet as of December 31, 2015 assuming that the net income for the year was 311,500.000 HOUGHTON COMPANY Houghton Company began business on January 1, 2015 by issuing all of its 1,900,000 authorized shares of its $2 par value common stock for $37 per share. On June 30, Houghton declared a cash dividend of $1.00 per share to stockholders of record on July 31. Houghton paid the cash dividend on August 30. On November 1. Houghton reacquired 380,000 of its own shares of stock for $42 per share. On December 22 Houghton resold 190,000 of these shares for $48 per share. Required: a. Prepare all of the necessary journal entries to record the events described above. (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 3 2 Record the repurchase of 380,000 shares for $42 per share. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal b. Prepare the stockholders equity sedtion of the balance shee: as of Decemper 31 2015 assuming tha: the net income for the year was S11,500.000 HOUGHTON COMPANY s hton Company began business on January 1, 2015 by issuing all of its 1,900,000 authorized shares of $2 par value common stock for $37 per share. On June 30. Houghton declared a cash dividend of $1.00 er share to stockholders of record on July 31. Houghton paid the cash dividend on August 30. On lovember 1. Houghton reacquired 380,000 of its own shares of stock for $42 per share. On December 22 loughton resold 190,000 of these shares for $48 per share. equired: Prepare all of the necessary journal entries to record the events described above. (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 Record the reissue of 190,000 share for 48 per share. Note: Enter debits before credits. Transaction General Journal Debit EDRE Credit Record entry Clear entry View general journal b. Prepare the stookholders' equity section of the balance sheet as of December 31, 2015 assuming that the net income for the year was $11,500.000 HOUGHTON COMPANY Prepare the stockholders' equity section of the balance sheet as of December 31, 2015 assuming that the net income for the year was $11500,000. HOUGHTON COMPANY Stockholders' Equity Balance Sheet as of 12/31/2015 Total Stockholders' Equilty