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Presented below is information related to NewCo Corp shareholder transactions during $2023$:$1.$ On January $1,$ the company was formed, and was authorized to issue $400,000$ shares of $$6$ par value common stock$\mathrm{.}2.$ On January $2,220,000$ shares were issued for $$24$ per share$\mathrm{.}3.$ On March $31,$ NewCo issued a $3$:$2$ stock split, in the form of a $50\%$ stock dividend, when the shares were valued at $$26$ per share$\mathrm{.}4.$ On April $15,$ NewCo issued and distributed a $5\%$ stock dividend, when the shares were valued at $$9$ per share. Shareholders with fractional shares were paid cash $($totaling $1,320$ equivalent whole shares$)\mathrm{.}5.$ On June $30,$ NewCo declared a cash dividend of $$0\mathrm{.}30,$ payable to the shareholders of record on July $15,$ to be paid on July $25\mathrm{.}6.$ On August $2,$ the company purchases $5,500$ shares of the common stock outstanding at $$7$ per share and retired the shares$\mathrm{.}7.$ On August $15,$ the company purchases $6,050$ shares of the common stock outstanding at $$10$ per share and retired the shares$\mathrm{.}8.$ On December $1,$ the board of directors declared a property dividend consisting of corporate bonds of Lopez Corporation that NewCo Corp was holding as an investment. The bonds were originally purchased for $$1\mathrm{.}95$ million were classified as held$-$to$-$maturity investments. The bonds currently have a fair value of $$1\mathrm{.}45$ million. The property dividend was payable to shareholders of record December $15,$ and distributed on December $31.$Instructions$($a$)$ Prepare the general journal entries necessary to record these transactions. Identify each transaction by the date, and if no entry is required, write No Entry.$($b$)$ How many shares were outstanding as of December $31,2023.$

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