Question Details

common stock issued



On January 1, 2013, 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.
June	1	Declared a cash dividend of $2.00 per share to stockholders of record on June 15.
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.

Instructions
Prepare journal entries to record the above transactions.





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