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b. Prepare the equity section on the December 31, 2023, balance sheet. MADY ENTERTAINMENT INC. Equity Section of Balance Sheet December 31, 2023 Contributed capital: + Total equity\fJournal entry worksheet 2 3 4 5 Record the retirement of shares. Note: Enter debits before credits. Date General Journal Debit Credit April 01, 2023Mady Entertainment Inc. showed the following equity account balances on the December 31, 2022, balance sheet: Common shares, unlimited authorized shares, 680,000 shares issued and outstanding Retained earnings $5, 440, 000 2 , 880 , 000 During 2023, the following selected transactions occurred: Apr. 1 Repurchased and retired 280, 000 common shares at $8.40 per share; this is the first retirement recorded by Mady. June 1 Declared a 2:1 share split to shareholders of record on June 12, distributable June 30. Dec. 1 Declared a 10% share dividend to shareholders of record on December 10, distributable December 20. The market prices of the shares on December 1, December 10, and December 20 were $4.40, $3. 84, and $4.16, respectively. 20 Distributed the share dividend declared December 1. 31 Closed the credit balance of $756,000 in the Income Summary account. Required: a. Journalize the transactions above (assuming the retirements were the first ever recorded by Mady Entertainment Inc.). The company does not use a share dividends account. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)