Q16 The stockholders' equity section of Day Corporation's balance sheet on January 1 follows: 18 points \begin{tabular}{l|r|r|} \hline Common stock, $5 par value, 300,000 shares authorized, 60,000 shares & $300,000 \\ \hline Issued and outstanding, 6,000 shares in treasury & & \\ \hline Additional paid-in capital & $480,000 & \\ \hline In excess of par value & 30,000 & 510,000 \\ \hline From treasury stock & 348,000 \\ \hline Retained earnings & 1,158,000 \\ \hline & 138,000 \\ \hline Less: Treasury stock ( 6,000 shares) at cost & $1,020,000 \\ \hline Total Stockholders' Equity & $ \\ \hline \end{tabular} The following transactions affecting stockholders' equity occurred during the year: Jan. 8 Issued 15,000 shares of previously unissued common stock for $42 cash per share. Mar. 12 Sold all of the treasury shares (worth $138,000 in total) for $56 cash per share. June 30 Declared a five percent stock dividend on all outstanding shares of common stock. The market value of the stock was $50 per share. July 10 Issued the stock dividend declared on June 30 . Dec. 18 Declared a cash dividend of $1.00 per outstanding common share, payable on January 9 to stockholders of record on December 31. Dec 31 Close cash dividends and stock dividends account. Prepare journal entries to record the foregoing transactions