On January 1, 2014, Dolan Corporation had 60,000 ordinary shares with a $1 par value issued and outstanding. During the year, the following transactions occurred:
Mar. 1 Issued 20,000 ordinary shares for $400,000.
June 1 Declared a cash dividend of $2 per share to shareholders of record on June 15.
June 30 Paid the $2 cash dividend.
Dec. 1 Purchased 4,000 ordinary shares for the treasury for $22 per share.
Dec. 15 Declared a cash dividend on outstanding shares of $2.25 per share to shareholders of record on December 31.
Instructions
Prepare journal entries to record the above transactions.

Question

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The Answer of On January 1, 2014, Dolan Corporation had 60,000 ordinary shares with a $1 par value issued and outstanding. During the year, the following transactions occurred:
Mar. 1 Issued 20,000 ordinary shares for $400,000.
June 1 Declared a cash dividend of $2 per share to shareholders of record on June 15.
June 30 Paid the $2 cash dividend.
Dec. 1 Purchased 4,000 ordinary shares for the treasury for $22 per share.
Dec. 15 Declared a cash dividend on outstanding shares of $2.25 per share to shareholders of record on December 31.
Instructions
Prepare journal entries to record the above transactions.

On January 1, 2014, Dolan Corporation Had 60,000 Ordinary Shares