Rakai Corporation, a public corporation reporting under IFRS, reported the following selected transactions during 2020 (its first year of operation):

Jan1Issued 20,000 common shares at $15 per share.

Jun15Issued 2,000 common shares with a market price of $14 per share in exchange for equipment that had a fair market value $27,000.

Sep 30The Board of Directors declared a 10% common stock dividend. The market price of the common shares on this date was $12 per share.

Oct10The 10% common stock dividend was distributed.

Nov 30The Board of Directors declared a cash dividend of $0.22 per share to shareholders of record on December 15. The dividend was paid on December 20.

Instructions:

What are the journal entries to record the above transactions?