5. (20 points) 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. Prepare journal entries to record the above transactions