4. On January 1, 2014, Browning Corporation had 75,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred Mar. 1 June 1 June 30 Dec. 1 Dec. 15 Issued 60,000 shares of common stock for $675,000 Declared a cash dividend of $2.00 per share to stockholders of record on June 15 Paid the $2.00 cash dividend Purchased 5,000 shares of common stock for the treasury for $18 per share Declared a cash dividend on outstanding shares of $2.50 per share to stockholders of record on Net income for 2014 amounted to $951,000. Instructions Prepare journal entries to record the above transactions. Date Description Debit Credit