The annual report for Malibu Beachwear reported the following transactions affecting shareholders' equity: a. Repurchased and...

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The annual report for Malibu Beachwear reported the following transactions affecting shareholders' equity: a. Repurchased and cancelled $3.0 million common shares. b. Declared and paid cash dividends in the amount of $270.0 million. c. Issued 100 percent common stock dividend involving 239.0 million additional shares with a total par value of $602.0 million. Required: 1. Indicate the effect (increase with '+', decrease with '-', and increases and decrease within the accounting heads with '+/-') of each of these transactions on total assets, liabilities, and shareholders' equity. Answer is complete but not entirely correct. Shareholders' Equity Transaction Assets Liabilities a. b-1. Declaration b-2. Payment c. C. +/- +/- +/- 2. Prepare journal entries to record each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollar not in millions) Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 Common shares a. Cash 2 b-1. Retained earnings 270 X Dividends payable 270 X 3 b-2. Dividends payable 270 X Cash 270 X 4 Retained earnings 602 X C. Common shares 602 x The annual report for Malibu Beachwear reported the following transactions affecting shareholders' equity: a. Repurchased and cancelled $3.0 million common shares. b. Declared and paid cash dividends in the amount of $270.0 million. c. Issued 100 percent common stock dividend involving 239.0 million additional shares with a total par value of $602.0 million. Required: 1. Indicate the effect (increase with '+', decrease with '-', and increases and decrease within the accounting heads with '+/-') of each of these transactions on total assets, liabilities, and shareholders' equity. Answer is complete but not entirely correct. Shareholders' Equity Transaction Assets Liabilities a. b-1. Declaration b-2. Payment c. C. +/- +/- +/- 2. Prepare journal entries to record each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollar not in millions) Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 Common shares a. Cash 2 b-1. Retained earnings 270 X Dividends payable 270 X 3 b-2. Dividends payable 270 X Cash 270 X 4 Retained earnings 602 X C. Common shares 602 x