Problem 2 Prepare entries to record the following: SHOW YOUR WORK

• January 1, Issued 5,000 shares of $3 par common stock at $30.
• June 30, Purchased 1000 shares of treasury stock at $25.
• August 1, Sold the 100 shares of treasury stock purchased in (b) at $40.
• December 31, declared a $25,000 dividend to be paid next year