On January 1, 2014, 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 25,000 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.

June

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 $2.25 per share to stockholders of record on December 31.

Prepare the appropriate journal entries for the transactions of Magnus Corporation detailed above. Omit Explanations. Please skip a line between each entry.