On January 1, 2023, Biscuit Corporation had 80,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: March 1 Issued 50,000 shares of common stock for $500,000 Declared a cash dividend of $1.50 per share to stockholders of record June 1 June 15 June 30 Paid the 1.50 cash dividend Instructions: Prepare journal entries to record the above transactions

On January 1,2023 , Biscuit Corporation had 80,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred: March 1 Issued 50,000 shares of common stock for $500,000 June 1 Declared a cash dividend of $1.50 per share to stockholders of record June 15 June 30 Paid the 1.50 cash dividend Instructions: Prepare journal entries to record the above transactions