Problem Two:

On January $1,2022,$ It Is Finished Corporation had $75,000$ shares of $$1$ par value common stock issued and outstanding. During the year, the following tran occurred:

Mar. $1$ Issued $25,000$ shares of common stock for $$16$ per share.

June $1$ Declared a cash dividend of $$1\mathrm{.}50$ per share to stockholders of record on June $15.$

June $30$ Paid the $$1\mathrm{.}50$ cash dividend.

Dec. $1$ Purchased $10,000$ shares of common stock for the treasury for $$25$ per share.

Dec. $15$ Declared a cash dividend on outstanding shares of $$3\mathrm{.}00$ per share to stockholders of record on December $31.$

Instructions

Prepare journal entries to record the above transactions.

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