ment CALCULATOR BACK Question 1 of 16 Question 7 On January 1, 2018, Magnus Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred Mar. 1 Issued 35,000 shares of common stock for $550,000 June 1 Declared a cash dividend of $2.00 per share to stockholders of record on June 15. July 30 Paid the $2.00 cash dividend. Dec. 1 Purchased 5,000 shares of common stock for the treasury for $22 per share. Dec. 15 Declared a cash dividend on outstanding shares of $2.20 per share to stockholders of record on December 31. Prepare journal entries to record the above transaction (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Date Debit Credit Mar. 1 June 1 June 30 3 8 6 7 5 ment automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Mar. 1 June 1 June 30 Dec. 1 Dec. 15 Click if you would like to Show Work for this question: Open Show Work 3