At December 31, 20x3 Adair Ltd. had 600,000 shares outstanding that had been issued for $3.75 per share. In 20x4 the company made the following transactions: on May 2, 150,000 shares are issued at $7.20 on July 16, 80,000 shares are repurchased and cancelled at $5.00 on December 15, a $0.40 per share dividend is declares Required Prepare the journal entries for the 20x4 transactions.