Problem 3-Shareholders Equity resented below is information related to NewCo Corp shareholder transactions during 2018 On January 1, the company was formed, and was authorized to issue 175,000 shares of $1 par value common stock. On January 2, 84,000 shares were issued for $16 per share. On March 31, NewCo issued a 1:3 reverse stock split On April 15, NewCo issued and distributed a 4% stock dividend, when the shares were valued at $16 per share On June 30, NewCo declared a cash dividend of $0.50, payable to the shareholders of record on July 15, to be paid on July 25 On August 2, the company purchases 855 shares of the common stock outstanding at $46 per share and retires the shares 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, 2018