The equity sections for Delray Group at the beginning of the year (January 1) and end of the year (December 31) follow. Stockholders Equity (January 1) Common stock-68 par value, 120,000 shares authorized, 50,000 shares issued and outstanding Paid-in capital in excess of par value, common stock Retained earnings Total stockholders' equity Stockholders' Equity (December 31). Common stock-$8 par value, 120,000 shares authorized, 58,800 shares issued, 6,000 shares in treasury Paid-in capital in excess of par value, common stock Retained earnings ($96,000 restricted by treasury stock) Less cost of treasury stock Total stockholders' equity The following transactions and events affected its equity during the year. January 5 Declared a $0.80 per share cash dividend, payable on January 10. March 20 Purchased treasury stock for cash. April 5 Declared a $0.80 per share cash dividend, payable on April 10. July 5 Declared a $0.80 per share cash dividend, payable on July 10. July 31 Declared a 20% stock dividend when the stock's market value was $18 per share. August 14 Issued the stock dividend that was declared on July 31. October 5 Declared a $0.80 per share cash dividend, date of record October 10. Requirement General Journal General Ledger Trial Balance Cash Dividends Stock Dividend $400,000 60,000 330,000 $790,000 $470,400 140,000 590,000 1,208,400 (96,000) $1,112,400 The following transactions and events affected its equity during the year. Prepare the journal entry necessary to record each event, and then agree the year-end balances with the December 31 Stockholders' Equity statement given above.