On January 1, 2016, Magnus Corporation had 75,000 shares of $2 par value common stock issued and outstanding. During the year, the following transactions occurred:

Mar.	1		Issued 25,000 shares of common stock for $500,000.
June	1		Declared a cash dividend of $1.50 per share to stockholders of record on June 15.
Dec.	1		Purchased 4,000 shares of common stock for the treasury for $20 per share.
Dec.	15		Declared a cash dividend on outstanding shares of $2.00 per share to stockholders of record on December 31.

Instructions Prepare journal entries to record the above transactions.