Most Visited Problem 11-237 [LO 11-2, LO 11-3 8 Knapp Industries began business on January 1,2018 by Issuing all of ns 1,850,000 authortzed shares of its $1 par value common stock for $36 per share. On June 30, Knapp declared a cash dvidend of $2.75 per share to stockholders of recoed on July 31. Knapp paid the cash dvidend on August 30. On November 1 Knapp reacquired 370,000 of ns own shares of stock for $41 per share. On December 22, Knapp resold 185,000 of these shares for $47 per share. points Required: a. Prepare all of the necessary journal entries to record the events described above b. Prepare the stockholders' equity section of the balance sheet as of December 31, 2018 assuming that the net ncome for the year was $11,000,000. Complete this question by entering your answers in the table below Prepare al of the necessary journal entries to record the events described above. Cif no entry transaction/event, select "No Journal Entry Requred" in the first sccount field.) requred for a Journal entry worksheet ABCD Record the issue of 1,850,000 authorized shares of $1 par value for $36 per share. Nese Enter delits befors cracits O Type here to search SAM Help Save&Exft Submit Problem 11-237 [LO 11-2, LO 11-3] 8 Knapp Industnes began business on January 1, 2018 by Issuing all of ts 1,850,000 authortzed shares of its $1 par value common stock for $36 per share. On June 30, Knapp declared a cash dividend of $2.75 per share to stockholders of record on July 31. Knapp paid the cash dividend on August 30. On November 1, Knapp reacquired 370,000 of ns own shares of stock for $41 per share. On December 22, Knapp resold 185,000 of these shares for $47 per share. points Required: a. Prepare all of the necessary journal entries to record the events described above b. Prepare the stockholders' equity section of the balance sheet as of December 31, 2018 assumang that the net Income for the year was $11,000,000 Complete this question by entering your answers in the table below. Required A Required Prepare the stockholders' equity section of the balance sheet as of December 31, 2018 assuming that the net income the year was $11,000,000. Stockholiders Equity Type here to search 0 SAMS