The corporate charter for Marshall and Tucker Corporation authorized 500,000 shares of $10 par common stock. As of January 1, 2018, 20,000 shares were issued and outstanding. The following transactions occurred during the 2018 year: February 3 Sold and issued 2,000 shares of common stock for $22 per share. May 10 Declared a $1.50 per share dividend on common stock June 1 Paid the dividend that was declared on May 10th. October 12 Repurchased 500 shares of common stock as Treasury Stock paying $20 per share. December 31 Net income for the year was determined to be $125,000. Prepare the necessary journal entries for Marshall and Tucker Corporation from the 2018 year