Accounting for Changes in Shareholders Equity

Prepare the journal entries to record the following transactions:

1. On January 1, Manama Motors, Inc. issued 100,000 shares of $5 par value stock for $35 per share.
2. On January 2, Manama Motors, Inc issued 100,000 shares of $5 par value stock for land valued at $2,500,000.
3. On January 10, a $1 per share cash dividend is declared on Manama Motors, Inc.s 10,000 common shares outstanding. The dividend will be paid on March 19 to stockholders of record on February 19.
4. On January 19, a $1 per share cash dividend is declared on Manama Motors, Inc 10,000 common shares outstanding. The dividend will be paid on March 19 to stockholders of record on February 19.
5. On January 19, a $1 per share cash dividend is declared on Manama Motors, Inc.s 10,000 common shares outstanding. The dividend will be paid on March 19 to stockholders of record on February 19.
6. On May 8, Manama Motors, Inc. purchased 1,000 of its own shares of stock in the open market for $10,000.
7. On June 30, Manama Motors, Inc sold 100 shares of its treasury stock for $10 per share (the same price it paid for it originally).
8. On July 19, Manama Motors, Inc. sold an additional 500 shares of its treasury stock for $12 per share. (they originally paid $10 per share).
9. On August 27, Manama Motors, Inc sold an additional 400 shares of its treasury stock for $5 per share. (It originally paid $10 per share).