During its first year of operations, Cupola Fan Corporation issued 45,000 of $1 par Class B shares for $460,000 on June 30, 2021. Share issue costs were $3,000. One year from the issue date (July 1, 2022), the corporation retired 10% of the shares for $47,000.

Required:

1. to 4.Prepare the journal entriesto record the issuance of the shares, the declaration of a $2.40 per share dividend on December 1, 2021, the payment of the dividend on December 31, 2021 and the retirement of the shares.(If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)