Recording and Reporting Stockholders Equity Transactions, Including Closing Entry [LO 11-2, LO 11-3]The following information applies to the questions displayed below.]The annual report for Malibu Beachwear reported the following transactions affecting stockholders’ equity:a. Purchased $350,000 of common stock now held in treasury. b. Declared cash dividends in the amount of $260,000.c. Paid the dividends in (b).d. Issued 100,000 new shares of $0.10 par value common shares for $2 per share. e. Closed the Dividends account.1 Record the purchase of 350000 common stock. 2 Record the cash dividends declared in the amount of $260,000. 3 Record the payment of the dividend. 4 Record the issue of 100,000 shares of $0.10 par value common shares for $2 per share. 5 Closed the Dividends account. Record the entry.