Item 1: On January 1, 2024, Entity L had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 70,000 shares of common stock at $5 per share. June 1 Declared a cash dividend of $1.25 per share to stockholders of record on June 15 June 30 Paid the $1.25 cash dividend Dec. 1 Purchased 2,500 shares of common stock for the treasury for $13 per share Instructions: Prepare journal entries to record the above transactions. Show your calculations