Adam Corp. began operations in the current year. 

Prepare any required journal entries for the transactions listed below. 

January 1: Adam Corp., filed its Articles of Incorporation in the State of Delaware with 250,000 shares of authorized $1 par common stock. 

January 15: Adam issued 100,000 shares of common stock in exchange for $100,000 cash. 

February 20: Adam issued another 100,000 shares of common stock in exchange for $150,000. 

April 9: Following a profitable first fiscal quarter, the board of directors voted to approve a 15% dividend on all shares outstanding. 

May 9: The date of record for the dividend declared the previous month. 

May 23: The payment date for the dividend declared the previous month. 

July 15: The company issued a 2-for-1 stock split and restated the par value per share accordingly. August 8: The company repurchased 4,000 shares of its common stock for $20 each.