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 or December 8 Dec. 8- Paid the cash dividends declared on November 24 Required: Prepare the journal entries for the above transactions. Omit explanations