only do the second part which is below the general entries. below attached

Stockholders' Equity Journal Entry Problem [2pts - Completed Journal Entries] On January 1, 2021, Chiggs Corporation had 70,000 shares of $1 par value common stock issued and outstanding. Existing shares of common stock were issued at par value. During the vear, the following transactions occurred: Issued 40,000 shares of common stock for $520,000. Declared a cash dividend of $5.00 per share to stockholders of record on Nov. 15 . Paid the $5.00 cash dividend. Purchased 12,000 shares of common stock for the treasury for $30 per share. Declared a cash dividend on outstanding shares of $5.50 per share to stockholders of record on December 31 . 1-Prepare joumal entries to record the above transactions. Issued 40,000 shares of common stock for $520,000. Declared a cash dividend of $5.00 per share to stockholders of record on Nov. 15. Paid the $5.00 cash dividend. Purchased 12,000 shares of common stock for treasury for $30 per share. Compute the total value and the total shares for Outstanding stock as of December 31, 2021: Ch11 Case Study Assignment - Part 3 (Total 10pts) How Do I Write my Posting? (150 words - 5pts; Completed Journal Entry Problem - 2pts; Total 7pts): - Students will be graded on their effort to fully complete their posting, reply, and problem. a. Research using the Internet and explain: 1. Are public corporations required to pay dividends to stockholders? ( 30 words - 1pt) 2. What public corporation has the most stock splits in history? (60 words - 2pts) 3. Why does Warren Buffett prefer reinvesting profits Instead of paying dividends to stockholders? (60 words - 2 pts) Compute the total value and the total shares for Outstanding stock as of December 31, 2021