Court Casuals has 100,000 shares of common stock outstanding as of the beginning of the year and has the following transactions affecting stockholders' equity during the year: May 18 May 31 July 1 July 31 Issues 20,000 additional shares of $1 par value common stock for $40 per share. Purchases 6,000 shares of treasury stock for $44 per share. Declares a cash dividend of $2 per share to all stockholders of record on July 15. Hint: Dividends are not paid on treasury stock. Pays the cash dividend declared on July 1. August 10 Resells 2,800 shares of treasury stock purchased on May 31 for $48 per share. Required: Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is complete but not entirely correct. No 1 Transaction May 18 Cash Common Stock General Journal Additional Paid-in Capital 2 May 31 Treasury Stock Cash Debit Credit 800,000 20,000 780,000 264,000 264,000 3 July 01 Dividends i Dividends Payable 114,000 114,000 4 July 15 No Journal Entry Required 5 July 31 Dividends Payable 114,000 Cash 114,000 6 August 101 Cash 134,400 Treasury Stock 123,200 Additional Paid-in Capital 11,200