Problem 3-Shareholders Equity Presented below is information related to NewCo Corp shareholder transactions during 2017: On January 1, the company was formed, and was authorized to issue 150,000 shares of $5 par value common stock. On January 2, 45,000 shares were issued for $12 per share. on April 15, NewCo issued and distributed a 3% stock dividend, when the shares were valued at $15 per share. On June 30, NewCo declared a cash dividend of $0.40, payable to the shareholders of record on July 15, to be paid on July 25. On August 2, the company purchases 1,550 shares of the common stock outstanding at $9 per share and retires the shares. On December 3, NewCo issued a 2:1 stock split. 1. 2. 3, 4. 5. 6. 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, 2017