N Corporation was recently formed with an unlimited number of authorized no-par value common shares. The following events occurred in the order shown in its first year.

1. Sold and issued 5,000 common shares for cash at $26 per share.
2. Issued a 10% share dividend when the shares were selling at $30 per share.
3. Declared a cash dividend of $1 per share on the shares outstanding.
4. Paid the cash dividend declared in (3).
5. Purchased and cancelled 100 shares for cash at $27 per share.
6. Issued a 2-for-1 share split when the market price was $20 per share.
7. Net income for the year was $250,000.

Prepare journal entries for the above events. If no journal entry is required, write no entry do not merely leave blank.