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

1. Purchased $351,300 of common stock now held in treasury.
2. Declared cash dividends in the amount of $260,650.
3. Paid the dividends in (b).
4. Issued 113,000 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.)

• 1

  Record the purchase of $351,300 common stock now held in treasury.

• 2

  Record the cash dividends declared in the amount of $260,650.

• 3

  Record the payment of the dividend.

• 4

  Record the issue of 113,000 new shares of $0.10 par value, for $2 per share.

• 5

  Record the entry to close Dividends account.