A corporation issued 15 million shares of $1 par common stock for $465M on June 19, 2006. On Nov. 1, 2006, the Board of Directors declared a $0.20 dividend per share of common stock. The date of record was Nov. 10 and the dividend were to be paid on Nov. 20th. Record all transactions in journal form that are related to the above events. At the end of 2007, the corporation income statement showed net income of $3,500,000. For the year, the corporation paid $500,000 of preferred dividends and issued another 6 million shares of common stock on Aug. 1, 2007.

1. Record all transactions in journal form that are related to the above events.
2. Calculate weighted average earnings per share. Be able to show the calculations of all numbers going into both the numerator and denominator.