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

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Accounting

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

a. Purchased $350,700 of common stock now held in treasury.

b. Declared cash dividends in the amount of $260,350.

c. Paid the dividends in (b).

d. Issued 107,000 new shares of $0.10 par value common shares for $2 per share.

e. Closed the Dividends account.

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.)

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