2. On June 1, Baker Corporation issued 1,000 of its preferred shares in exchange for land valued at $50,000. Baker's shares are not widely held or regularly traded. Four years ago, 500 preferred shares were issued for $35 a share. Prepare the journal entry. 3. On April 12, Hobson Corporation declared a quarterly dividend of $0.05 per share on its 200,000 common shares. The dividend will be paid on Apr 29, to the shareholders of record on April 19. Prepare the journal entry necessary for each date. 4. On July 1, when there were 220,000 shares issued, Marvo Corporation declared a 5% stock dividend on its common shares. The dividend will be distributed on July 31 to the shareholders of record on July 15. Marvo shares were trading at $18.00 on July 1, $17.50 on July 15, and $17.20 on July 31. Prepare the journal entry necessary for each date.