Item 1: On January 1, 2024, Entity L had 65,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar 1 Issued 90,000 shares of common stock for $810,000 June 1 Declared a cash dividend of $1.50 per share June 15 Date of Record for dividend declared on June 1 June 30 Paid the $1.50 cash dividend Dec. 1 Purchased 6,000 shares of common stock for the treasury for $10 per share Instructions: Prepare journal entries to record the above transactions.

Item 1: On January 1, 2024, Entity L had 65,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: Mar. 1 Issued 90,000 shares of common stock for $810,000 June 1 Declared a cash dividend of $1.50 per share June 15 Date of Record for dividend declared on June 1 June 30 Paid the $1.50 cash dividend Dec. 1 Purchased 6,000 shares of common stock for the treasury for $10 per share Instructions: Prepare journal entries to record the above transactions