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V. Owners Equity (LLS 11) $60,000 3 pts Mad Max Inc. had the following information available, as of December 31, 2022: Common Stock (par $1, iss & out 50,000 shrs) $ 50,000 Paid in Capital in Excess of Par 450,000 Preferred Stock 6% (par $100, iss & out 10,000 shrs, cum ulative) 1,000,000 Debit to Treasury Stock from Treasury Stock Credit to Treasury Stock from Treasury Stock Credit to Common Dividends Payable in Part $24,000 3 pts $150,000 4 pts Mad Max did not paid dividends in 2021. Information for 2022 is provided below: a) On April. 1st, Mad Max repurchased 5,000 shares of the previously issued shares at $12.00 cash per share for treasury stock and reissued 2,000 of the treasury shares on October 1st at $15.00 per share. b) Mad Max declared on Dec. 1st a dividend of $150,000, payable on Jan. 15, 2023. Required: Record the necessary journal entries for 2022 relating to treasury stock and dividends. a Credit $ Date April.1 Account Titles and Explanation Treasury Stock (5,000 x 12.00) Cash Debit $ 60,000 60,000 October.1 30,000 Cash (2,000 x 15.00 ) Treasury Stock ( 2,000 x 12.00 ) Additional Paid in capital - Treasury Stock 24,000 6,000 b.) Date Debit $ Credit Dec. 1 Account Titles and Explanation Dividends Common Dividends Payable 150,000 150,000 Debit to Treasury Stock from Treasury Stock Credit to Treasury Stock from Treasury Stock Icredit to Common Dividends Davable in Part $60,000 $24,000 $150 000