During its first year of operations, Cupola Fan Corporation issued 50,000 of $1 par Class B shares for $485,000 on June 30,2024. Share issue costs were $3,500. One year from the issue date (July 1,2025), the corporation retired 10% of the shares for $49,500. Required: 1. to 4. Prepare the journal entries to record the issuance of the shares, the declaration of a $2.90 per share dividend on December 1 , 2024, the payment of the dividend on December 31,2024 , and the retirement of the shares. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)