Accounting question. Please help!
On January 1, 2014, Magnus Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: ; ;
Mar. ; 1 ; ;Issued 25,000 shares of common stock for $550,000. ; ;
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June ; 1 ; ;Declared a cash dividend of $2.00 per share to stockholders of record on June 5. ; ;
June ; 30 ; ;Paid the $2.00 cash dividend. ;
Dec. ; 1 ; ;Purchased 5,000 shares of common stock for the treasury for $22 per share. ; ;
Dec. ; 15 ; ;Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31. ;
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Prepare the appropriate journal entries for the transactions of Magnus Corporation detailed above. Omit Explanations. Please skip a line between each entry.
