4.) During the first year of operations, New York Corporation had the following transactions:

Jan. 1 Issued 50,000 shares of $1 par value common stock at $20 per share.

May 24 Reacquired 5,000 shares of common stock sold on Jan. 1 for $23 per share.

Aug. 31 Sold 500 shares of its treasury stock purchased on May 24 for $25 per share.

Oct. 18 The board of directors declared and distributed a 10% common stock. The market price of the common stock was $26 per share at the time of the declaration.

Nov. 24 The board of directors declared a cash dividend of $0.50 per share payable to stockholders on December 8.

Dec. 8 Paid the cash dividends declared on November 24.

Required:

Prepare the journal entries for the above transactions. Omit explanations.