Mоsquitо Wаters Resоrts hаs been in business since 1998. The stockholders' equity section of Mosquito's bаlance sheet on January 1, 2004 is as follows: Required: 1) Prepare the journal entries for the following three transactions in the boxes below (date your journal entries): a) On July 15, 2004, Mosquito issues 500 shares of its common stock, receiving $12.00 per share. b) First entry = on March 31, 2004, Mosquito purchased 5,000 shares of its common stock in the open market for $180,000. Second entry = on November 15, 2004, Mosquito reissued (or sold) 2,500 of these shares for $40 per share. c) On December 31, 2004, Mosquito declares annual dividends on its common stock. Dividends are to be paid on the shares of common stock outstanding on the date of declaration. Each share of common stock will receive $2.00 a share. The dividends will be paid on January 18, 2005. 2. Assume net income for 2004 was $310,000. Prepare the Stockholders' Equity section of Mosquito's balance sheet as of December 31, 2004 in the box below.