The Iris Corporation had the following Shareholders Equity section as at December 31, 20x4:

Preferred Shares, $7, noncumulative,

100,000 shares outstanding $10,000,000

Common shares, 5,000,000 shares issued and outstanding 24,000,000

Retained earnings 8,000,000

$42,000,000

The following transactions took place in 20x5.

(1) Issued 1,000,000 common shares for total cash consideration of $6,000,000.

(2) Issued 500,000 common shares for total cash consideration of $3,400,000.

(3) Repurchased and cancelled 100,000 common shares at $12 per share.

(4) Issued 50,000 common shares for a land and building. An independent appraisal of the land and building indicated that the market value was $100,000 for the land and $350,000 for the building.

(5) Split the common stock 2:1.

(6) Declared the dividends on preferred shares.

(7) Declared a $0.50 dividend on common shares.

Required Prepare the journal entries to record these transactions. Round any unit amounts to two decimals.