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Buffon Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2021, the company has the following stock transactions. Prepare journal

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Buffon Corporation is authorized to issue 1,000,000 shares of $1 par value common stock. During 2021, the company has the following stock transactions. Prepare journal entries for each. Jan. 15 Issued 500,000 shares of stock at $8 per share. Sept. 5 Purchased 20,000 shares of common stock for the treasury at $9 per share. Dec. 6 Declared a $0.50 per share dividend to stockholders of record on December 20, payable January 3, 2022

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