Problem $12-2$

Prepare Journal Entries for all of the following transactions:

On January $1,20$X$8,$ Shadow Corporation began operations by selling $120,000$ shares of $$2$ par value stock to the public for $$5$ per share. On June $30,$ they sold $50,000$ more shares at $$6$ per share. On July $1,$ they declared a dividend of $$\mathrm{.}25$ per share, payable on July $30$ to shareholders of record on July $15.$ On July $30$ they paid the dividend.