On January 1, 2017, McDonald Corporation had 60,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred:

Mar.1Issued 25,000 shares of common stock for $550,000.

June1Declared a cash dividend of $2.00 per share to stockholders of record on June 15.

June30Paid the $2.00 cash dividend.

Dec.1Purchased 5,000 shares of common stock for the treasury for $22 per share.

Dec.15Declared a cash dividend on outstanding shares of $2.25 per share to stockholders of record on December 31.

Instructions

Prepare journal entries to record the above transactions.