During the year the following transactions took place:

1. January 1, 2020, issued 7,000 shares at $20 per share cash.

2. Feb 8, 2020, issued 3,000 common shares at $15 cash

3. March 8, 2020, declared $0.50 dividend for each common share issued and outstanding for the date of record May 10, 2020, to be paid on June 10, 2020

Instructions

a) Prepare the journal entries to record the transactions (5 Marks).

b) Determine the number of shares outstanding (1 Mark).