B On January 1, 2021, Browning Corporation had 50.000 shares of $2 par value common Stock issued and outstanding. During the year, the following transactions occurred. Instructions. Prepare journal entries to record the above transactions 318 Date 1-Mar Post Ret. Description Debit Credit Mar. 1 issued 90,000 shares of common stock for $720,000 1 Jun 1. Jun Declared a cash dividend of $3.00 per Share to stockholders of record on June 15th 15-Jun 30-Jun 30 Jun Paid the $3.00 cash dividend 1-Dec Dec 1 Purchased 5,000 shares of common stock for the treasury for $15 per share 15-Dec Dec. 15 Declared a cash dividend on outstanding shares of $3.50 per share to stockholders of record on December 31st