Russell Corporation shareholders equity consisted of the following on January 1, 2016:

Shareholders Equity Share Capital

$8 preferred shares, no par value, cumulative, 50,000 shares authorized, 30,000 shares issued Common shares, no par value, 1,000,000 shares authorized, 400,000 shares issued

Total share capital Retained Earnings (Note A)

Total Shareholders Equity Note A: Preferred dividends are in arrears for 2015.Instructions

$ 3,000,000

$10,000,000 $13,000,000 $ 4,100,000 $17,100,000

Prepare the appropriate journal entries, if any, for the following transactions in 2016. You may omit journal entry explanations but should show calculations.

Jan 25, 2016 Feb 18, 2016

Mar 15, 2016 Aug 13, 2016

Issued 60,000 common shares for $40 per share.

The Board of Directors declared a cash dividend on preferred and common shares totaling $700,000, payable on March 15, to shareholders on record on February 28, 2016. (Record dividends payable on preferred and common shares in separate accounts)

Paid the cash dividend to preferred and common shareholders.

Issued 25,000 common shares for land. The asking price of the land was $700,000; the fair market value was $750,000.